Export company director main accused in Rs 3.5 cr bank fraud

 

In an alleged fraud case of Rs 3.5 crore involving an 

 Ahmedabad-based import-export company, the city police

has stated that the investigation of bank records pin down

one of the directors of the company as the main accused.

Moreover, the investigations show that the company —
Sri Aditya Import-Export Ltd — existed only in name.

According to police, Narendra Chaudhary, one of the
directors of the company, had deposited a bogus
cheque shown as issued by a Mumbai-based company
into Sri Aditya’s current account in Bank of India’s
Navrangpura branch on March 6. Next day, he
transferred the money to his savings account in the
bank’s Bhadra branch and converted it into a fixed deposit.

On March 8, Chaudhary took a company
loan of Rs 3.5 crores and reportedly went missing.


On March 9, the bank came to know about the fraud
and lodged an FIR against the company.

Navrangpura police said Sri Aditya Import-Export Ltd
was started by one Hemlata Mangtani and Rahul Mishra in partnership.

Mishra reportedly asked his friends Narendra
Chaudhary and Shantilal Jain (both accused) to join the
company a year ago.

Inspector P M Parmar, who is investigating the case,
said, “There were differences between Mangtani and
Mishra over finance matters. Both parted their ways
and Mishra moved to South Africa soon after the company
got registered.

Later, when Chaudhary and Jain joined, the company
existed just in the name and did not have even a bank
account of its own”.

Parmar said: “Chaudhary opened a bank account of the
company with Bank of India in September.

The accused had transferred company money
to his account with Bank of India

While Mishra continued to be one of the directors
in the company, he practically never worked for it.
Jain assisted Chaudhary who handled most of the
finance-related matters of the company.”

He further added, “We have investigated the company’s
bank records. The fraud was planned and executed by
Chaudhary while Mangtani and Jain did not have any role in it.”

The police are further investigating the matter.
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