Delhi Police arrests key accused in Rs 20-crore scam involving forged documents to defraud NBFCs
New Delhi: According to the police, a major suspect in a Rs 20 crore scam who forged and falsified papers to defraud Non-Banking Financial Companies (NBFCs) has been taken into custody.
According to a statement from Delhi Police, Ajit Kumar Jena and Gopal Chaturvedi, key managerial persons of Cardier Food and Beverages Pvt. Ltd., GBL Chemical Ltd., etc., were detained for aiding primary kingpin Ramakant Pilani in defrauding the complainant NBFCs.
The complaint said that in January 2024, the accused firm GBL Chemical Ltd. contacted them and informed them that their business is renowned in the industry for producing sodium benzoate of superior quality. They declared their need for funding in order to expand their business. According to the statement, the accused business told it that it had reached its goal of a turnover of Rs 95 crore in 2018 and that it had now risen to Rs 212 crore in 2024.
They also said that, with 240 permanent staff on board, they want to meet the sales goal of Rs 1,000 crore by 2026. According to the statement, the accused then sent them a written request letter asking for a debt/equity investment of Rs 7.03 crore. Later, it was found that the information in the request letter was manufactured, concocted, and fake.
On the basis of falsified papers, the accused business also requested money from NBFCs, including IM Securities and Capital Trade Links Pvt. Ltd. The complainant firms gave M/s GBL Chemical Ltd. a loan of over Rs 20 crores after being duped by false information and misrepresentation, with the stipulation that its controlling company, Ganesh Benzoplast Ltd., sign as a co-applicant and co-borrower in the loan procedure. The loan funds were sent to GBL Chemical Ltd.’s SBI bank account, which was created using falsified documentation. The loan profits were subsequently embezzled.
Investigation reveals that Ramakant Pilani, the accused, is the mastermind behind the whole incident. He formerly served as the CEO and Director of GBL Chemical Ltd. and Ganesh Benzoplast Ltd. According to the police, he fabricated board resolutions for Ganesh Benzoplast Ltd. and GBL Chemical Ltd. with the help of Ajit Kumar Jena and Gopal Chaturvedi, directors of M/s Cardier Foods & Beverages Pvt. Ltd., and persuaded the complainant firms to release more than Rs 20 crores in money.
Since Ramakant Pilani was the company’s main manager, he utilized the finances of GBL Chemical Ltd. and Ganesh Benzoplast Ltd. to create a bank account for GBL Chemical Ltd. using fictitious credentials with the assistance of Gopal Chaturvedi and Ajit Kumar Jena.
It was discovered during the investigation that the loan amount was immediately misappropriated by being transferred to various bank accounts, including Cardier Foods and Beverages Pvt. Ltd., where the accused Ajit Kumar Jena and Gopal Chaturvedi held control as directors. Ramakant Pilani, the accused, is now in judicial custody.
The defendants used to lie to NBFCs about the operations of their businesses in order to get loans, and then they would transfer the loan funds to various bank accounts owned by the businesses they controlled. According to the police, they usurp the money that was taken from NBFC firms in this manner.
