Former Atlas Cycles president held in cheating case

A former president of Atlas Cycles company has been arrested in connection with three separate cheating cases involving an amount of Rs.9 crore, police said on Tuesday.

Salil Kapoor, presently the managing director of Atlas Laboratories and Pharmaceuticals Ltd., was arrested from Uttrakhand on Monday by the Economic Offences Wing (EOW) of Delhi Police.

A bounty of Rs.25,000 was declared by Delhi Police Commissioner B.S. Bassi against Salil.

"Two cheating cases were registered against Salil in Defence Colony police station on June 19 and November 10, 2014 and one in EOW earlier this year," said Deputy Commissioner of Police Mangesh Kashyap.

The first case was filed by Satinder Nath Maira in November who had given Rs.13 crore to his family friend Prashant Kapoor for investing it.

"Prashant with connivance of Salil and others misappropriated the Rs.13 crore on the pretext of purchasing capital gain bonds for Rs.7 crore and depositing Rs.6 crore in Allahabad Bank," said Kashyap.

"Both Prashant and Salil were accused in the first case. But, Salil was booked in separate case registered on June 19 on the complaint of Prashant," the officer said.

Prashant had alleged that a loan agreement was entered between him and Salil on June 8 wherein it was mentioned that he has to lend a sum of Rs.5 crore to Salil against a property, he added.

According to the officer, Salil later issued seven post-dated cheques of total Rs.8 crore but all were dishonoured.

"During investigation, Salil was declared as absconder by Saket court."

Kashyap said the EOW started probing after a woman, Sunita Bansal, filed a complaint that Salil had cheated her of Rs.4 crore.