Delhi: a businessman who “deceived more than 25 banks of Rs 4,000 crore” arrested

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Delhi Police’s economic crimes wing has arrested the director of a company that allegedly deceived more than 25 rupee 4,000 crore banks, officials said on Sunday.

The accused, Vinay Sharma (42), runs a gas pump, a tech start-up, an aluminum scrap unit and also operates private buses in Himachal Pradesh.

Police said Sharma was involved in five fraud cases – two cases involve the Central Bureau of Investigation – and has been on the run for years.

Another CP (EOW) RK Sharma said Standard Chartered Bank of Delhi filed a lawsuit in 2016 against Sharma and another man named RK Sharma, both directors of the Indian Technomac aluminum scrap company.

“They got Rs 30 crore credit facilities but never paid the dues. It was later discovered that the letter of credit was from shell companies. The directors were running away, ”said the additional CP.

During the investigation, the police discovered that the accused had allegedly deceived several banks by using forged banknotes and letters of credit.

They allegedly showed fake invoices and took out loans but never returned the money. Due to their businesses and high income bills, the banks agreed to give them loans, police said.

In 2016, the two defendants also allegedly deceived a consortium of 15 banks of Rs 1,528 crore by using false documents and invoices. In another case, they “cheated” nine banks of Rs 555 crore using bills from another company, police said. Both cases are with the CBI.

CP Sharma said the two defendants were also involved in excise duty fraud of Rs 2,000 crore. Two cases were registered in this case by CID Himachal Pradesh.

Police said they raided Sharma’s hiding places and arrested him from Kangra in Himachal Pradesh. “The accused used the books and invoices of two companies to obtain loans. We found that these two companies did not exist. Over time, Sharma produced false invoices from transport companies to get more loans, ”police said.

While Vinay was arrested, police said RK Sharma was still at large.

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