The Economic Offences Wing (EOW) has arrested two BCom graduates, Ajit Kumar Jena and Gopal Chaturvedi, in connection with a Rs 20 crore fraud. The fraud is linked to the creation of fake documents and misappropriation of loan funds from non-banking financial companies (NBFCs).
According to the police, the case was filed following a complaint from a company that had disbursed over Rs 20 crore in loans to one of the accused companies. In January of the previous year, Jena and Chaturvedi approached the company, claiming that their firms had a reputable market presence in manufacturing Sodium Benzoate. The company was convinced by the suspects’ claims and granted the loan under the condition that the holding company would act as a co-borrower.
However, further investigation revealed the mastermind behind the scam to be Ramakant Pilani, who allegedly collaborated with Jena and Chaturvedi to create fake board resolutions for two firms. The forged documents were used to convince NBFCs to release funds. Pilani, acting as a key managerial person for one of the firms, even opened a bank account using forged credentials with the help of the other two suspects.
Once the loan was disbursed, the funds were diverted to multiple bank accounts of a firm controlled by Jena and Chaturvedi. Pilani is currently in judicial custody, while Jena and Chaturvedi face charges for their role in the financial deception.
The EOW has highlighted how the accused misrepresented their companies’ businesses to obtain the loans, which were later funneled into their own enterprises. According to police, Jena and Chaturvedi had known each other since 2014-15, and together, they collaborated with other individuals to execute their fraudulent schemes for quick financial gain.
