The Economic Offence Wing (EOW) of Delhi Police arrested two businessmen, both directors of companies dealing in manufacturing of edible oils, for allegedly duping Industrial Finance Corporation of India of Rs 5 crore.
Joint Commissioner of Police (EOW) Sandeep Goel said the accused, Ashok Kumar Rathi, Director of M/s Maven Industries ltd and Vijay B Shethia of M/s Jayesh Oil Trade Pvt ltd had allegedly colluded to obtain working capital loan fraudulently from IFCI. “Duo allegedly forged the travel bills, invoices, receipts and accounts and to show trade between the two companies which was in reality non-existent. They also misrepresented a confirmatory letter to IFCI that all the supplies had been received,” he added.
The incident came to light after the senior associate vice-president, IFCI ltd Tapabarata Mohitra had approached the police and complained that Ashok Kumar Rathi had approached them saying that they are working on a project wherein they would supply soya refined oil to M/s Jayesh Oil Trade Pvt, and for which they need working capital.
“IFCI provided financial assistance of Rs 5 crore to M/s Maven Industries ltd for meeting their working capital requirements. At that time M/s Maven Industries ltd had submitted four bills of the purported supply of soya products and soya refined oil worth Rs 5.90 crore to M/s Jayesh Oil Trade Pvt ltd,” he added.