A managing director of a rice milling company was arrested by Mumbai Police’s Economic Offences Wing for allegedly defrauding PT Bank Maybank Indonesia of Rs 17.80 crore.
According to Mumbai Mirror, the accused has been identified as Vinod Chaturvedi, MD of Usher Agro. Vinod took a series of loans over a period of three years – 2013-2016 – by submitting 40 sale and purchase invoices for rice commodities. Under the terms, each loan had to be repaid in three months. The defaults kept piling up after which the bank appointed a private forensic auditor. The auditor found out that there had been no physical sale or purchase and that the invoices submitted were bogus.
Later, the bank lodged a complaint and registered an FIR. During the investigation, it came to light that around 40 bills that were generated were bogus. Even the sale and purchase bills, transport bills were all forged. The leading daily quoted a source saying, “the accused, along with other ‘directors’ and ‘owners’ of the ‘companies’, had conspired to defraud the bank.”
The cops have said that the director’s of the other companies were known to the accused and got a cut from him in exchange for their cooperation. Police have booked the accused under relevant sections of Indian Penal Code for cheating, forgery and criminal conspiracy.