Mumbai: The Economic Offences Wing (EoW) of the Mumbai police has registered a case against Harshawardhan Sabale, the chairperson and managing director of Varanium Cloud, a city-based asset management company, for cheating another company to the tune of Rs15 crore.
The case was registered by EOW at Cuffe Parade police station. The complainant in the matter is Kamal Singh, chairman and CEO of Rolta India, a military-focused software company which was admitted for bankruptcy in January 2023.
According to reports, Rolta India, which provides services in defence and homeland security, power, financial services, retail and health care owes Union Bank of India and others a huge chunk of money. This was when Varanium Cloud offered Rolta India a loan amount of Rs5,000 crore.
The loan was applied through Mauritius-based bank named AfrAsia Bank Ltd and, as per standard operating procedure, Rolta India was asked to pay the margin amount of Rs15 crore to the bank for sanctioning the loan. According to the police, Rolta India received this information in mail from Sabale and the margin amount paid in dollars through him. It is yet to be ascertained how exactly the amount was paid.
Meanwhile, a case has been registered against Sabale under sections 120B (criminal conspiracy), 420 (cheating), 471 (using as genuine a forged document) 465 (forgery), 34 (common intention), etc, of the Indian Penal Code. A probe has been initiated by the EOW.