Mumbai: Company director arrested for duping firm of Rs 117 crore
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MUMBAI: The Economic Offences Wing of Mumbai police on Monday arrested Ushik Gala, one of the directors of Suumaya Industries for allegedly duping another company of Rs 117 cr by promising high returns.
The Mumbai based company had posted a net profit of Rs 406 crore and a revenue of Rs 4,263 crore during the last fiscal. Gala, one of the many accused in the FIR has been booked for cheating, forgery and criminal breach of trust.
Gala was produced before the Esplanade metropolitan Magistrate court which remanded him to police custody. The complainant, Vinaykumar Agarwal, of Caphalpha trade private limited had lodged a complaint with the Worli police alleging that representatives of Dentsu Communications India private limited, Suumaya Industries and Veda Multicorp LLP and its partners had conspired with each other and lured the complainant with rosy pictures of getting high returns.
The accused floated a scheme linked to investing in agro companies, submitted forged bills and invoices and projected them to be genuine and misled the investor, police said.
The Mumbai based company had posted a net profit of Rs 406 crore and a revenue of Rs 4,263 crore during the last fiscal. Gala, one of the many accused in the FIR has been booked for cheating, forgery and criminal breach of trust.
Gala was produced before the Esplanade metropolitan Magistrate court which remanded him to police custody. The complainant, Vinaykumar Agarwal, of Caphalpha trade private limited had lodged a complaint with the Worli police alleging that representatives of Dentsu Communications India private limited, Suumaya Industries and Veda Multicorp LLP and its partners had conspired with each other and lured the complainant with rosy pictures of getting high returns.
The accused floated a scheme linked to investing in agro companies, submitted forged bills and invoices and projected them to be genuine and misled the investor, police said.
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