New Delhi: Managing Director of the IL & FS Transportation Network has been arrested in the alleged cheating and forgery case around RS 100 Crore, which is collected by the pretext of investment and shares in the company’s special purpose vehicle (SPV) for the Gurugram Rapid Metro project.
The company’s directors allegedly deceived other company directors, the Enso Infrastructure, by offering a 15% stake in this project instead of an investment of around Rs 170 Crore.
However, the funds allegedly sucked through false bills and invoices to expand costs and shares never delivered, said the additional commissioner (EOW) RK Singh.
The defendant, Ramchand Karunakan, was arrested by FIR submitted in 2018 under the IPC part of the criminal conspiracy, cheating and forgery.
The complainant, Ashish Begwani from the Enso infrastructure, has alleged that he was approached by IL & FS officials, including Karunakaran, for investment in August 2010.
“Enso infrastructure agreed to invest RS 170 Crore for 15% stake in IL & FS Rail Ltd, SPV for Metro Gurugram Rapid Metro project.
However, for a certain period of time, the complainant observed that the company was not profitable and funds were misused, “said Singh.
Further accused that the command of a fake contract worth RS 21.9 Crore was issued for Silverpoint Infratech Ltd, but there was no work executed by this company.
“Invoice raised by Silverpoint is made.
IL & FS Rail Ltd does it to expand its expenses and show less profits in his book.
Complains claim that IL & FS directors and other officials suck up more than Rs 70 Crore, causing losses to the company,” said A senior officer.
During the investigation, a team led by ACP Virender Sejwan found that the defendant had made payments to several companies without the work carried out by them.
“The defendant cannot provide a satisfactory reply about the contract given to the company.
There is no estimate taken, there is no name and address of the contractor stored in the note and there is no explanation for the use of money.
Money is transferred through several Shell companies,” said Singh , Karunakanan has submitted an anticipatory guarantee application, which was canceled in December last year.
He was tracked in Mumbai, produced before a court and took transit detention and interrogation.
He told the police that he joined IL & FS as vice president in 1994 and was appointed as the Managing Director in 2008.
He was also one of the Directors at Il & FS Rail Ltd.