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Three Held For Misappropriation Of Company Funds

Three Held For Misappropriation Of Company Funds

Three men have been arrested for allegedly misappropriating funds of a company to the tune of Rs 10 crore, the Delhi Police said on Friday. The accused -- Pramod Goel, Krishan Chand Bansal and Anil Gupta -- were directors in M/S Indirapuram Habitat Centre Pvt. Ltd. They have been arrested and sent to judicial custody, they said.

New Delhi: Three men have been arrested for allegedly misappropriating funds of a company to the tune of Rs 10 crore, the Delhi Police said on Friday. The accused — Pramod Goel, Krishan Chand Bansal and Anil Gupta — were directors in M/S Indirapuram Habitat Centre Pvt. Ltd. They have been arrested and sent to judicial custody, they said.

A case was registered against them under section 406 (criminal breach of trust), 420 (cheating and dishonestly inducing delivery of property) and 120 B (criminal conspiracy) of the Indian Penal Code on the complaint of M/S Moneywise Financial Services Pvt. Ltd. It has been alleged that in 2016, the accused company had availed a term loan of Rs 10 crore from them for a period of two years for the completion of its project but they failed to repay the loan amount and defrauded them, according to police.

Joint Commissioner of Police (Economic Offences Wing) O P Mishra said it was found that the accused trio were directors in M/s Indirapuram Habitat Center Pvt. Ltd. It had availed a term loan of Rs 10 crore from the complainant company for a period of two years for the completion of its project Indirapuram Habitat Center, Ghaziabad, Uttar Pradesh. But the accused directors did not repay the loan and sold the units mortgaged to the complainant company.

Bank statements also revealed that the amount has been misappropriated, Mishra said. “It also emerged that the units mortgaged as collateral security have been sold to other investors after taking full payments from them. The accused company also offered them assured return on their investment but no such return was paid as promised. In a calculative manner, the accused company not only cheated the complainant company but also its investors,” he said.

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