EoW probes case against logistics firm for ‘fraud’

THE ECONOMIC Offences Wing (EOW) of the Mumbai Police is probing a case of alleged fraud against the directors of a logistics company for duping a financial services company of Rs 45 crore. An FIR was registered at the NM Joshi Marg police station and was subsequently transferred to the EOW on Wednesday.The police said, the Capital First Limited had made an investment of Rs 45 crore in Siesta Logistics Corporation Limited (SLCL), a public company involved in auxiliary transport activities and activities of travel agencies in 2010. As per the agreement signed between the two companies, Ashok Chattaraj, his wife Rajni and Kiran Salunke, directors of SLCL, would invest Rs 45 crore pumped in by Capital First into infrastructure companies that would yield profits in the future, the police said.

The investment was made in September 2010 and when Capital First did not receive any return on the investment or the principal sum till August 2014, a firm’s advisor approached the NM Joshi Marg police station where an FIR was registered against Chattaraj, Rajni and Salunke on charges of criminal breach of trust and cheating. Since the amount is above

[related-post]

Rs 3 crore, as per procedure, the case was transferred to the EOW.

An officer from the EOW, requesting anonymity, said prima facie it has come to light that SLCL did not invest the Rs 45 crore in the company that they had promised to as per the agreement with Capital First. “They did not return any profits or the principal amount and did not honour the agreement between the two companies and hence an FIR was registered,” said the officer.

mumbai.newsline@expressindia.com