Delhi Police arrests two for defrauding NBFC of Rs 20 crore

New Delhi, Feb 25 (PTI) The Economic Offences Wing of the Delhi Police has arrested two men for their alleged involvement in defrauding non-banking financial companies of over Rs 20 crore, an official said on Tuesday.

According to police, the accused -- Ajit Kumar Jena and Gopal Chaturvedi -- helped Ramakant Pilani, the kingpin of a racket, to cheat non-banking financial companies (NBFCs) by using forged documents.

Pilani, who was the CEO of Ganesh Benzoplast Ltd and GBL Chemical Limited, is currently in judicial custody, police said, adding the case came to light after a NBFC lodged a complaint.

"The accused approached Lok Sewak Leasing & Investment Private Limited in January 2024, claiming their company GBL Chemical Limited's turnover has grown from Rs 95 crore in 2018 to Rs 212 crore in 2024 with plans to reach Rs 1,000 crore by 2026," Additional Commissioner of Police (EOW) Amrutha Guguloth said.

They initially sought Rs 7 crore based on fake documents and the NBFC eventually disbursed loans amounting to over Rs 20 crore. The loan was diverted into multiple bank accounts, including one linked to Cardier Foods and Beverages Pvt. Ltd., controlled by the accused, she said.

Further investigation into the case is underway, the police officer added. PTI SSJ BM AMJ NSD

Source: PTI