Ambala cops nab man in multi-crore cheating case

Tribune News Service

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Ambala, January 3

The Ambala police have arrested a man in connection with a multi-crore cheating case.

The accused, identified as Rahul Anand, was produced before a court, which sent him to eight-day police remand.

The General Manager of Ambala Central Co-Operative Bank Limited had sought legal action against the managing director, directors and other persons of Naraingarh Sugar Mill Limited.

The complainant stated that Rahul Anand was controlling day-to-day affairs of the mill through the directors. A loan amount of Rs34.10 crore was disbursed for crushing season 2014-15, Rs11.11 crore for 2015-16 and Rs60 crore for 2018-19 to Naraingarh Sugar Mill Limited for timely clearance of cane dues of farmers concerned through Ambala Central Co-Operative Bank Limited.

The principle amount of Rs98.65 crore and interest amount of Rs25.16 crore (as on September 30, 2021) are pending against the sugar mill. The payment was to be made by the mill as per the terms of the agreement, but Rahul in connivance with directors and other officials of the mill misappropriated the money and did not pay the same and committed the offence of breach of trust by not repaying the amount.

It came to notice from audit that Rahul sold the molasses without creating any bill. It further came to the notice that he also created fake debtors without supplying the sugar and got money.

The complainant further stated that Rahul also diverted the funds in other accounts from the revenue of energy. The accused also prepared false accounts for siphoning off money of mill/loan amount to various firms without valid reason/business, purchased raw material by paying highly inflated rates and misused funds of mill/government by making advances and taking advances from various parties.

A case was registered against the managing director under Sections 120-B, 406, 409, 420, 468 and 471 of the IPC at the Shahzadpur police station on December 21 last year.