HYDERABAD: A team of central crime station (CCS) personnel have arrested two directors of a finance company based in Mumbai to dispose off 32.50 lakh shares belonging to a company owned by the wife of former Union minister T.
Subbarami Reddy.
Police said that based on a complaint by T Indira Reddy, Chairman of Gayatri Projects Limited (GPL), Chetan Patel and Harshawardhan Balubai Avinash Pradhan, both director based in Mumbai Champion Finsec Limited (CFL), was picked up by the Hyderabad police for cheating GPL.
GPL defendant has sold shares in the open market under the pretext of providing loans to the GPL.
CCS officials said that in June this year, the CFL approach GPL Indira Reddy, company infrastructure and the development of the motorway, offering them loans at a commission of 1 percent.
CFL trust authority, GPL decided to take a loan of Rs 11.50 crore by pledging 69.63 lakh shares, but eventually settled for 32.50 lakh shares.
They signed the loan agreement the parent and the amount of the loan proportionally according to the value of this stock applicable GPL.
But with CFLs fail to transfer the loan amount, the management company GPL suspicious about Mumbai.
“Under terms of the agreement, the loan amount in the proportion of pledged shares is to be transferred to the account of GPL on or before July 12th 2021.
But even CFLs are not transferred any loan amount to the account of GPL and further found that on July 8, 2021, summoned illegal CFL pledged shares and sell them on the open market, “joint commissioner of police (CCS) said Avinash Mohanty.
The defendants allegedly sold shares between July 8th and 13th of July These shares were previously promised by transferring them to the demat account of the CFL.
Patel and Pradhan was arrested in section 406 (criminal breach of trust) and 420 (cheating) of the IPC.