The Telangana Economic Offences Wing (EOW) has arrested Rajendra Cherukuri, a 50-year-old businessman from Hyderabad, for allegedly cheating a Gurgaon-based company by issuing a forged bank guarantee of Rs 2 crore.
Cherukuri owns Bhartiya Natural Products, a firm engaged in grain trading. In October 2022, his company signed an agreement with For Mart, a Gurgaon-based firm, to purchase grains. As part of the deal, Cherukuri allegedly issued a bank guarantee from Punjab National Bank to secure the transaction.
After For Mart sold grains worth Rs 56 lakh, it verified the guarantee with the bank and discovered it was fake. Following a complaint, the EOW registered an FIR at Udyog Vihar police station and arrested Cherukuri on October 27.
Police investigations revealed that Cherukuri had met the complainant during a business meeting in Udyog Vihar in 2022, during which the fraudulent guarantee was allegedly issued.
The EOW is continuing its probe into the matter to determine the full extent of the financial loss and identify any potential accomplices.
