Indore (Madhya Pradesh): The city crime branch arrested a man for cheating investors by promising high profits in the FMCG and cold drink business, police said on Saturday.
Deputy Commissioner of Police (DCP) Rajesh Kumar Tripathi said the suspect, Satyavind Chawla, allegedly took around ?27 lakh from investors and used the funds for personal expenses rather than business purposes. Chawla, who was skilled in the soft drink trade, used to buy products nearing expiry at low prices and resell them to other traders or retailers at higher prices. He allegedly used this experience to gain the trust of investors and promised them good returns in the Fast-Moving Consumer Goods (FMCG) business.
Harsimran Singh Arora, Jayant Rizwani and Rasika Pradhan entered into a partnership with Chawla and opened a firm named Fresh Link Enterprises. The suspect convinced them to invest about ?27 lakh, promising high profits.
During the investigation, police found that instead of using the money for business, Chawla allegedly spent it on personal expenses, debt repayment and other private matters. Goods found in the warehouse were damaged and nearing expiry, indicating the business was mostly for appearance. Bank account checks also revealed that he had transferred the invested money into his personal account.
Police said Chawla allegedly admitted in an affidavit that he had given false information to his partners and used the firm s money for personal purposes. The police registered a case against him under Sections 318(4) and 316(5) of the Bharatiya Nyaya Sanhita (BNS). Further action and questioning are underway.
