A Delhi-based businessman has been arrested for allegedly cheating a Mumbai-based company dealing in High Security Registration Plates (HSRP) for vehicles to the tune of Rs 46 crore between 2009 and 2013, police said today.
Accused Ravi Somani was arrested on January 18 from Delhi while his three associates are wanted in the case, police said.
According to Economic Offence Wing of the Mumbai police, Somani, one of the directors of Utsav Safety Systems, which also deals in HSRPs, allegedly duped Rosmerta Technologies Ltd by getting supplied raw materials such as aluminium sheets, reflective sheets among others to the tune Rs 46 crore on credit basis but never made any payments.
Somani, along with his associates, even went on threatening the victim of tarnishing Rosmerta's image by making false complaints against it before the government agencies and police, police said.
Quoting complainant Pankaj Madan, who is the director of Rosmerta, an EOW official said Somani came in contact with the victim's company in 2009.
Two years later, the accused met the complainant claiming that his company in consortium with another company Link Point Infrastructure Pvt Ltd (LPIL) had bagged contracts of supplying HSRPs in six states including West Bengal, Himanchal Pradesh, Madhya Pradesh and asked the aggrieved company to supply them raw materials for manufacturing HSRPs, which had been done accordingly by Rosmerta.
Somani later managed to convince Rosmerta company management to enter into a joint venture with his firm for the supply of HSRPs at Delhi in April 2012.
As part of the joint venture, the company supplied raw material but Somani did not make payment for any of the goods and services received over the period of time, police said.
"Despite being repeatedly avoided by Somani, the victim firm restrained itself from initiating any legal action against him as they formed a joint venture to supply HSRPs in Delhi and any legal action would trouble their partnership. At the same time, Somani had also claimed he would make the payment for sure and shell out 18 per cent compound interest for the delayed payment," police said.
Upon further requests, Somani claimed he would set off the outstanding dues of Rosmerta against the sale of his shares in the LPIL but he did not fulfil that promise too, Madan claimed in his complaint, police said.
The complainant claimed the LPIL had also been cheated by Somani, police said adding that, "later