Police said he was arrested in Mumbai on July 20.
New Delhi:
The managing director of a firm was arrested by the Economic Offenses Wing of Delhi Police in 2018 in a case related to cheating, forgery and criminal embezzlement of around Rs 100 crore, police said on Sunday.
He said the accused Ramchand Karunakaran, who played a key role in the misappropriation of funds, was one of the directors of IL&FS Rail Ltd and was the managing director of IL&FS Transportation Network Ltd.
Police said he was arrested in Mumbai on July 20. He was produced in the court and sent to police custody for further investigation in the case.
According to the police, a case was registered in 2018 on the complaint of Ashish Begwani, director of Enso Infrastructures (P) Ltd, who alleged that in August 2010, he was approached for investment by directors of IL&FS Transportation Networks Ltd. had gone.
Attracted by his promises, his company invested Rs 170 crore in IL&FS Rail Ltd. to take a 15 per cent stake in IL&FS Rail Ltd., a special purpose vehicle (SPV) for the Gurgaon Rapid Metro project.
Additional Commissioner of Police (Economic Offenses Wing) RK Singh said, “Over time, the complainant noticed that the company was not performing profitably and funds were being misappropriated.”
“It is alleged that fraudulent contract orders worth Rs 21.88 crore were issued to a firm named Silverpoint Infratech Ltd, but no work was done by this company. The invoices raised by Silverpoint Infratech Ltd were forged and fabricated IL&FS Rail Ltd. did this to increase its expenses and show less profit in its books,” he said.
The official said that it has been alleged by the complainant that the directors of the alleged company IL&FS Rail Limited and other officers of the company deliberately diverted the company’s funds to the tune of about Rs 70 crore, causing loss to their firm.
ACP Singh said, “During investigation, it was found that the accused had made payments to several companies without doing any work. They could not give any satisfactory answer regarding the contracts awarded to the companies questioned.”
ACP Singh said, “It is also found that no estimate was taken, no contractor’s name and address was given or kept on record. Money was sent through multiple layers of different shell companies.” Was.”
(Except for the title, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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