The Economic Offences Wing (EOW) of Ahmedabad Police has arrested Surat-based industrialist Vikas Sharma in connection with a pharmaceutical raw material fraud amounting to Rs 8.5 crore. The case revolves around Sharma’s dealings with complainant Sagar Desai, with whom he had traded for two to three years.
Initially, Sharma earned Desai’s trust by clearing payments promptly. However, he later defaulted on consignments worth crores. Police reports state that after ordering raw materials valued at Rs 8.5 crore, Sharma began issuing cheques that bounced repeatedly.
Despite repeated follow-ups by Desai, Sharma failed to clear his dues. Investigations uncovered Sharma’s history of financial crimes, including four pending cases in Maharashtra and another with Ahmedabad EOW. At the time of his latest arrest, Sharma was already in judicial custody at Central Jail.
ACP of EOW confirmed Sharma has been booked and will be produced in a local court for remand. Police are actively tracing the money trail and probing the potential involvement of Sharma’s associates in the fraud.
The Ahmedabad Economic Offences Wing plays a pivotal role in investigating large-scale financial frauds, white-collar crimes, and corporate irregularities. The wing works closely with regulatory bodies and financial institutions to detect scams, safeguard investors, and ensure accountability in Gujarat’s booming industrial and financial sectors.
Recent landmark cases solved by the EOW include the Rs 2,700 crore GST input tax credit scam involving over 1,500 shell companies, a multi-city probe into bogus input tax credit claims using more than 200 fake firms, a Rs 12 crore corruption scandal in Navsari’s water supply scheme resulting in 11 arrests, and a land forgery racket in Ahmedabad involving fake accounts and documents.
These successful crackdowns highlight the EOW’s vital role in combating financial fraud and corruption across Gujarat.
