The Economic Offences Wing of the Delhi police arrested two Maharashtra-based businessmen for allegedly duping Industrial Finance Corporation of India (IFCI) to the tune of `5 crores.
The accused, identified as Ashok Rathi and Vijay B. Shethia, have been booked under various sections of IPC including criminal conspiracy, cheating, forgery and criminal breach of trust.
A senior police official said Tapabrata Moitra, the associate vice-president, IFCI, got an FIR registered against the accused in August 2012.
The accused had approached the IFCI posing as directors of Maven Industries Ltd.
Posing as the company director, Ashok Kumar Rath, claimed that they would supply soya refined oil to Ms Jayesh Oil Trade Pvt Ltd and needed working capital. The IFCI provided financial assistance of `5 crores to Maven Industries Ltd for meeting their working capital requirements. The company submitted four bills of the purported supply of soya oil products worth `5.90 crores to Jayesh Oil Trade Pvt Ltd.
“The IFCI approached the police when they discovered that the said loan was disbursed against fake bills and false representations by both companies. The alleged company had claimed that they had transported the soya refined oil through various trucks. During probe, the transporters informed that the receipts and invoices provided by Maven Industries Ltd were fake. The directors of both firms were asked to join the probe,” said the official.