Mumbai, Feb 17: A Bandra-based businesswoman has alleged that she was cheated of ₹65.40 lakh in a fraudulent chemical supply deal involving an Ahmedabad-based intermediary and a Vadodara firm. An FIR has been registered against Damnik Rathod, Arvind Ahuja, Hasmukhbhai Shah and Sachin Rajeshirke at the LT Marg Police Station.
The complainant, Nita Abhinav Upadhyay (43), a resident of Bandra (West), is a partner in A.N.N. Finechem LLP, a firm registered in 2024 with the Registrar of Companies (RoC).
The firm deals in the purchase and sale of Active Pharmaceutical Ingredients (API), sourcing chemicals from various Indian companies and supplying them to other firms through agents on a 30–90 day payment cycle.
Initial order and change in purchasing firm
According to the complaint, in July 2025, Punit Prajapati from Ahmedabad contacted Upadhyay regarding the availability of the chemical Pregabalin on behalf of one Dr Manik Rathod. Subsequently, Rathod directly contacted her and placed an order for 3 tonnes of Pregabalin worth ₹95.40 lakh, agreeing to pay 50% advance and the balance within 30 days of delivery.
On July 30, 2025, a purchase order was received from Agaman Chemicals Pvt Ltd, Vadodara, but since the agreed advance payment was not received, the goods were not dispatched.
Later, Rathod informed Upadhyay that due to his company’s bank account being frozen, the payment would instead be made by another firm, Alakhat Business Solutions Pvt Ltd, Vadodara. Initially, Upadhyay refused, citing irregularity in receiving payment from a different company than the one issuing the purchase order. Rathod then cancelled the earlier order and facilitated direct dealings with Alakhat Business Solutions Pvt Ltd.
Transactions and supply of goods
On August 18, 2025, Alakhat Business Solutions Pvt Ltd placed an order for 1 tonne of Pregabalin worth ₹31.80 lakh, agreeing to pay 50% advance and the remaining amount via post-dated cheque (PDC) within 15 days.
An advance of ₹15.90 lakh was credited via RTGS to A.N.N. Finechem LLP’s HDFC Bank account on August 19, 2025. Trusting the transaction, the complainant procured the material from SBD Healthcare, Bharuch, and handed over the consignment to the company’s vehicle.
Subsequently, further RTGS payments of ₹15.90 lakh each were made on September 1, 8 and 12, 2025, along with ₹30 lakh on September 16, 2025, against additional orders.
Each time, Upadhyay purchased the required material from suppliers including SBD Healthcare (Bharuch), GGC Vadodara and Apex Pharma (Bharuch), making full payments before dispatching the goods.
Cheque dishonour and alleged deception
However, when the first post-dated cheque dated September 21, 2025, was deposited, it was returned with the remark “Account Closed and Insufficient Balance.” Upon confronting Arvind Ahuja, identified as the manager of Alakhat Business Solutions Pvt Ltd, she was repeatedly assured that payment issues were being resolved. Bank officials reportedly informed her that attempts to contact the company’s director, Hasmukhbhai Natwarbhai Shah, were unsuccessful.
Further inquiries revealed that another director, Sachin Rajeshirke, was unavailable due to a family bereavement. Despite repeated follow-ups through calls and emails, no payments were made. When Upadhyay verified the company’s addresses in Vadodara and Roorkee, she allegedly found that no such operational offices existed.
On October 13, 2025, the company emailed stating that payment was delayed due to a “government audit” and technical issues, promising clearance after Diwali. However, no payment was received thereafter.
Allegations of conspiracy
In October 2025, Upadhyay met Dr Manik Rathod in Vadodara to seek clarification. Rathod allegedly denied responsibility. Later, in January 2026, she received a message through Prajapati that if she paid ₹5 lakh, Rathod would provide updated contact details and the new office address of Alakhat Business Solutions Pvt Ltd.
The complainant stated that this strengthened her suspicion that Rathod, along with Arvind Ahuja and directors Hasmukhbhai Shah and Sachin Rajeshirke, had conspired to cheat her firm.
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According to the complaint, goods worth ₹1.59 crore were supplied to the accused company. While ₹93.60 lakh was received through RTGS, the remaining ₹65.40 lakh remains unpaid.
Alleging criminal conspiracy and cheating, Upadhyay has filed a complaint against the accused. Based on her statement, an FIR has been registered at the LT Marg Police Station, and further investigation is underway.
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