Mumbai News: Matunga Police Transfer ₹76 Crore Corporate Fraud Case To EOW For Probe

Mumbai: The Matunga police have transferred a major corporate fraud case involving cheating and criminal breach of trust to the Economic Offences Wing (EOW) for further investigation. The case, now registered as EOW has been filed under IPC Sections 406, 409, 417, 418, 420, read with 120(B).

Complainant is Nilang Navneet Shah (50), businessman, resident of E Khar (West). In this FIR, Accused involved 13 individuals and companies including Gyanesh Choudhary, Krishan Kumar Maskara, Vikram Swarup, Probir Roy, Neha Agarwal, Ratnabali Kakkar, Subramani Krishnappa, Evan Saha, Ulpi Gupta, Siddh Nath Pradhan, Parikshit Chiripal & Co., Vikram Solar Ltd. (VSI), and Vikram Capital Management Pvt. Ltd. (VCMPL).

Period of Offence is Between January 1, 2022, and June 30, 2024 and the Place of Offence is Hindu Colony, Diwan Prakash Building, Dadar (East).

According to the FIR, According to the complaint, Shah was introduced to accused Dnyanesh Chaudhary in January 2022 through one Vipin Anand. The meeting took place at Hindu Colony, Dadar (East). Shah, through his company Seklink, introduced Vikram Solar Ltd. directors and Vikram Capital Management representatives to Copia Power Devco, a U.S.-based firm, for export of photovoltaic modules.

A tripartite agreement was later signed between Seklink, Vikram Solar, and Copia Power. However, Vikram Solar allegedly failed to share advance payments and purchase orders with Shah’s company. Instead, the accused induced him to sign a backdated supplementary agreement, luring him with a promise of 12% profit margin.

Further, Vikram Capital Management Pvt. Ltd. was introduced as the distributor for exports, and Shah was asked to act as beneficiary of a Standby Letter of Credit (SBLC) for 80% of the purchase order value. The accused, however, allegedly cheated Shah by withholding the agreed 12% margin amounting to Rs 76 crore and diverting payments, violating the terms of the tripartite agreement.

Based on Shah’s complaint, the EOW has now taken over the probe. The case involves serious charges of cheating, criminal breach of trust, and conspiracy.