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Delhi Police's Economic Offences Wing arrested two individuals for separate financial frauds totaling INR 5.9 crore. Rahul Kumar, director of a private firm, allegedly duped 18 investors out of INR 3.2 crore by promising 20-30% monthly returns on a fake project in Khurja, Uttar Pradesh. When investors sought refunds, Kumar issued cheques that bounced. In a separate case, Chandra Shekhar Saxena, CMD of another firm, defrauded an NBFC of INR 2.7 crore by using a fictitious commercial unit in a Gurgaon mall as collateral. Both cases highlight rising financial frauds and underscore the need for tighter regulations and public vigilance in financial transactions.
Delhi Police's Economic Offences Wing recently arrested two individuals involved in separate financial fraud schemes, both of which left investors and financial institutions defrauded of large sums. In the first case, Rahul Kumar, the director of a private firm, allegedly duped 18 investors out of INR 3.2 crore by promising returns of 20-30% per month. He claimed their investments would go towards a project in Khurja, Uttar Pradesh. However, it was later revealed that the project didn't exist, and Kumar had shown them a fake work order. Instead of using the funds for the project, he allegedly used the money for personal gain. Advertisement
The case was registered after a complaint was filed by Anil Kumar and others on November 3, 2023. According to a police officer, the investigation uncovered that Kumar had entered into five agreements with the investors between July 2021 and May 2022. In these agreements, he promised them substantial returns. However, when the investors asked for their money back, Kumar allegedly issued cheques that bounced due to insufficient funds.
Rahul Kumar, a BCA graduate from Meerut, set up his company in Delhi and began enticing individuals to invest. So far, 18 victims have been identified, and the investigation is ongoing.
In another case, the Economic Offences Wing arrested Chandra Shekhar Saxena, the chief managing director of a private firm, for allegedly defrauding a non-banking financial company (NBFC) of INR 2.7 crore. Saxena reportedly obtained the loan by providing a fictitious sale of a commercial unit in a mall in Gurgaon as collateral.
Police stated that Saxena had entered into a builder-buyer agreement to purchase a commercial unit in the mall. He then used this agreement to approach the NBFC for a loan, offering the unit as collateral security. After receiving the loan, Saxena defaulted on the payment, turning the loan into a non-performing asset. The investigation revealed that Saxena diverted the loan funds for personal use, and also received INR 50 lakh in his firm's account.
Further inquiries showed that the commercial unit Saxena claimed to have bought didn't even exist, as there was no saleable space available in the mall at the time. Saxena is highly qualified but had been involved in similar fraudulent activities in the past. He was also charged in another case of cheating and swindling.
Both fraud cases highlight significant loopholes in investment and financial transactions, with the arrested individuals using deceitful tactics to exploit investors and financial institutions. As investigations continue, it's crucial for the public to remain vigilant and thoroughly research before investing in such schemes. These cases also shed light on the growing need for tighter regulations in the financial sector to prevent similar fraudulent activities. The authorities are working to identify any further victims and uncover the full extent of the fraud. These incidents are part of a wider trend of increasing financial frauds, with real estate and loan-related scams being particularly prominent. As more cases emerge, the importance of regulatory oversight and public awareness becomes ever more pressing.
Source: TNN
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