Mumbai: The Kurla police have registered a criminal case involving an alleged financial fraud of Rs16.36 crore against senior executives of an asset reconstruction company, finance firms and the promoter of a steel manufacturing company for allegedly cheating a Santacruz-based steel trader and importer-exporter Ashutosh Hemant Joshi, 47, in connection with the proposed purchase and use of assets belonging to M/s Vidhaata Metals Pvt. Ltd.
Key accused named
According to the FIR, the accused include Manish Lalwani, Director of M/s Omkara Assets Reconstruction Company Pvt. Ltd., Punit Lalit Kumar, senior finance officer associated with Omkara and Kalpataru Fincap, Ishwar Guganram Samota, Director of Vidhaata Metals Pvt. Ltd., and other intermediaries and associates.
Promise of cheap assets
Police stated that the accused allegedly acted in collusion to induce Joshi into investing large sums by promising to sell Vidhaata Metals’ factory assets at a throwaway price. On this assurance, Joshi was allegedly persuaded to invest crores of rupees towards land-related transactions, purchase of plant and machinery, GST dues, electricity deposits and other operational expenses, amounting to a total of Rs16,36,73,444.
Insolvency proceedings concealed
The complainant alleged that while he was being made to invest and operate the factory, Omkara ARC and its officials secretly initiated insolvency proceedings against Vidhaata Metals before the National Company Law Tribunal (NCLT), New Delhi, without informing him, and subsequently attempted to resell the very assets he had paid for.
Complaint and FIR registration
Joshi filed a complaint on 6 January 2025 with the Economic Offences Wing (EOW), Mumbai, naming Omkara Assets Reconstruction Pvt. Ltd., Vidhaata Metals Pvt. Ltd., Kalpataru Fincap Ltd., Punit Kumar, Ishwar Samota and Ashish Vyas, the Interim Resolution Professional (IRP). Following a preliminary inquiry, police registered an FIR and commenced further investigation.
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Background of parties
As per FIR, Joshi is a director of STC Venture Pvt. Ltd. and also runs a proprietary firm, Bombay Associates, engaged in steel trading and import-export. Vidhaata Metals Pvt. Ltd., promoted by Ishwar Samota, operates a steel manufacturing unit at Varale village, Wada taluka, Palghar district. Joshi had earlier supplied imported scrap material to Vidhaata Metals, for which approximately Rs4.30 crore was pending.
Loans declared NPA
During meetings facilitated by intermediaries, Samota allegedly disclosed that Vidhaata Metals was under severe financial stress and had defaulted on loans of about Rs40 crore taken from the State Bank of India. As a result, the bank had declared the account as Non-Performing Asset (NPA), and taken possession of mortgaged assets, including the Palghar factory, a residential property in Mulund and land in Haryana under the SARFAESI Act.
Transfer to ARC firms
The loan account was subsequently transferred through multiple entities and finally to Omkara Assets Reconstruction Company and Kalpataru Fincap for further recovery proceedings. Samota allegedly told Joshi that if the company was auctioned, both of them would suffer heavy losses, and suggested that Joshi purchase the company’s assets at a low price through discussions with the ARC companies.
Meeting at finance offices
In August 2021, meeting was allegedly held at the offices of Arion Fincap, Kalpataru Fincap and Omkara ARC, office located in the Kanakia Zillion building on L.B.S. Road, Kurla West, between Joshi, Ishwar Samota, Ashok Pal, and Samota’s associates Mahesh Mehta and Happy Singh, where Punit Kumar claimed that all three finance companies were controlled by Manish Lalwani and had full authority to sell Vidhaata Metals’ assets. Joshi was allegedly informed that a deal worth Rs13 crore had been finalised with Ishwar Samota, of which Rs8 crore had already been paid, and that most assets, barring land, were already released.
Initial payments made
After the agreement was executed, Joshi transferred Rs50 lakh via RTGS on September 27, 2021, and on the same day, Punit Kumar created a WhatsApp group titled, Vidhaata Factory Sale. Punit Kumar allegedly said the proposal would be placed before management for approval, after which Joshi was to pay Rs2 crore, but no progress was made until February 2022.
Assets shifted, lease suggested
In early March 2022, Kumar informed Joshi that Vidhaata Metals’ assets had been transferred from Arion Fincap to Kalpataru Fincap, stating that the land transfer would take time and suggesting that Joshi take the assets on lease in the meantime. Based on this assurance, Joshi transferred Rs2.5 crore to Omkara ARC, following which Rs50 lakh paid earlier was refunded.
No possession given
However, when Joshi sought possession of assets excluding land, he allegedly received no response and was later removed from the WhatsApp group, the FIR stated. During this period, Ishwar Samota, Ashok Pal, Manish Mehta and Samota’s brother Surendra Samota allegedly met Joshi at Swapnanagari, Mulund West, and proposed to complete the transaction for all assets, excluding land such as the factory, machinery, stock and plant.
Assets valued and adjusted
The value of these assets was fixed at Rs9,55,82,766, after adjusting Rs4,30,90,678 owed to Joshi by Vidhaata Metals and accounting for pending GST dues and electricity deposit requirements, for which an e-invoice was issued, the complaint stated. Joshi later made additional payments Rs3 crore towards GST dues, Rs1.30 crore as electricity deposit and Rs 5.24 crore to Vidhaata Metals’ bank account. Joshi took possession of the factory premises and began operations in June 2022.
Operations shut down
However, he alleged that despite repeated follow-ups, vital documents such as factory plans, machinery manuals, insurance papers and stock details were never handed over. He further claimed that workers’ insurance had not been taken and stock-taking was never conducted, forcing him to shut operations by the end of December 2022.
Insolvency petition revealed
Joshi stated that despite repeated meetings and follow-ups until December 2024, the accused failed to resolve the matter. On 17 May 2024, he allegedly learnt through market sources that Omkara ARC had filed an insolvency petition against Vidhaata Metals in 2023 and that the NCLT had appointed Ashish Vyas as IRP on 6 February 2024, a fact that was never disclosed to him.
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Claim over movable assets
Joshi has since approached the NCLT as a respondent, claiming ownership over various movable assets such as plant and machinery, transformers, computers, CCTV systems, furniture and vehicles, and opposing their sale.
Alleged impersonation claim
During further inquiry, Joshi also discovered that Ashok Pal, shown as a director of Vidhaata Metals during meetings, had allegedly died prior to 2020. Joshi suspects that an impostor was presented as Pal during negotiations, reinforcing his claim of deliberate deception.
Sections invoked, probe on
Based on the complaint, the Kurla police have registered the case under Sections 318(4) and 61(2) of the Bharatiya Nyaya Sanhita (BNS) Act, for cheating and criminal conspiracy. Further investigation is underway to establish the money trail, verify documents and ascertain the role of each accused.
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