Man arrested for cheating pvt company

The Economic Offences Wing of Delhi Police today arrested a 57-year-old man for allegedly cheating a private company by promising to provide corporate loan at a low interest rate.
The accused, identified as Vinod Kumar Gupta, was arrested at Indira Gandhi International Airport this afternoon when he was just about to leave the country.
According to police, Gupta, a Mumbai resident, along with his associates has cheated many companies in a similar manner.
Police said the complainant company has alleged that it was induced by Gupta, director of a "fake" company run by him at 9 Barakhamba Road in New Delhi, to execute a Rs five crore loan agreement on December 15, 2011 on the pretext of providing corporate loan of around Rs 35 crore at cheap interest rates.

The complainant has also alleged that the accused company's registered Mumbai address did not exist at the time of signing the agreement.
"The complainant was under huge financial burden and immediate money was required for ongoing projects. The complainant trusted Gupta on the assurance of one Joy, who was known to both the parties," a senior police official said.

Gupta also allegedly issued a cheque of Rs 5 crore as assurance that the same would be honoured if the prospective loan amount of Rs 35 crore did not materialise, he added.
"When the complainant realised Gupta was not in position to get the loan sanctioned, they presented the cheque of Rs five crore to the bank which was dishonoured due to insufficient fund. Thus, neither the loan was provided to the complainant nor Rs 5 crore was paid back," police said.

Further enquiry into the matter revealed that Rs 5 crore was siphoned off by Gupta for personal expenses such as tours and travels, extending unsecured advances to other company/individual, buying expensive cars, etc.
"Investigation related to other accused is still in progress," police said, adding sustained interrogation is on.