Director's son held for cheating company

Director's son held for cheating company

 

Pydhonie police has arrested a 28-year-old son of a director of a firm, for allegedly using his influence in the company and cheating the company to the tune of Rs5.25 crore. The alleged accused was assigned managerial duties after his father got ill.

The arrested has been identified as Vishal Gupta, a commerce graduate and a resident of Mulund. He was performing managerial duties in Soham Metals Private Limited, located at Masjid Bunder, since 2004-05.

According to the complainant Vivek Gupta, there were five directors of Soham, one of which was Surinder Gupta, who introduced his son Vishal into the business to assist him.

"The company was turning out good profits. However, it suddenly began incurring huge losses, raising the suspicion of one and all. Our audit revealed that there has been a misappropriation of funds and further scrutiny revealed that Vishal is the culprit," alleges Vivek. Accordingly, a complaint was registered with the Pydhonie police station.

According to the police, Vishal would buy materials at market price on behalf of Soham and would sell it to his own company VG Ispat on a low price and then his company would sell the same material to the customer of Soham on high rates. "This way Soham incurred heavy losses," said police sub-inspector and investigating officer, Ashok Javdekar.

Vishal would also create fake bills to cover up his fraud. He would procure bills from known sources in the industry and show up fake trading transactions. He would then issue cheques to the company with whom he had shown trading and encash the same. "In return he would pay those who would issue him such bills," Javdekar informed.

Initially, police investigations pegged the losses at over Rs 1 crore, although the fraud seems to be of a higher value. "Presently, the fraud incurred to Soham is well over Rs5 crore. Police arrested Vishal in the first week of October and he is presently under the police custody. He has been booked on several charges of cheating and misappropriation," Javdekar said.