The Telegraph
Since 1st March, 1999
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Five arrests for Rs 1.5-cr fraud

Five persons were arrested in the past 24 hours for cheating people of Rs 1.5 crore.

Park Street police rounded up a city-based businessman for defaulting on a payment of Rs 15 lakh for the past year.

Four men were arrested by the detective department for cheating a private finance company, United Credit Limited, of Rs 1.4 crore by floating fictitious firms and taking loans over a period of time, without repaying the amount. Deputy commissioner of police, detective department, Soumen Mitra, said officers of the cheating section conducted a night-long raid and rounded up the five persons from the city and from Hooghly.

On the cheating case, Mitra said a former manager of United Credit had floated several fictitious companies with the help of his friends. “The documents seized from the accused indicate that they had applied for loans from United Credit for buying industrial machinery,’’ Mitra said.

Detectives said one of the fake firms, SARC Polymer, had conducted a business deal with Electro Engineering Works, a company that existed only on paper. “In such a way, the four men forged documents to suggest that their so-called companies had traded with each other in deals worth several lakhs,’’ Mitra said. The quartet forwarded these documents as ‘guarantee’ while applying for the loan.

After United Credit officials lodged a complaint with the detective department’s cheating section, sleuths on the case discovered the anomalies. It was then that the cops decided to nail the culprits. They were produced in court on Friday and remanded in police custody.

The fifth arrest, on Thursday night, was that of a businessman who had failed to pay Rs 15 lakh to Khaitan Papers and Packaging Private Limited, a private firm on Rafi Ahmed Kidwai Road. Police said the businessman has a factory in Uluberia that manufactures bulbs, tubes and packaging material.

Khaitan Papers lodged an FIR in August with Park Street police. Raids on his office and other places failed to locate him.

A tip-off on Wednesday helped the cops to put him behind bars. The businessman told sleuths that his factory had been declared sick and he did not have the money to pay the firm.

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