Ghaziabad: Five individuals are detained in Ghaziabad for supposedly cheating a business of Rs 32 lakh by producing fraudulent trades, the authorities said on Tuesday.
The situation came to the end once an officer in India Transact Service Limited (ITSL) approached the authorities on June 13.
The ITSL is an electronic payment alternative that provides a stage for routing retail and commercial payments between sellers and buyers throughout the nation.
“A total of 16 individuals are appointed in the complaint, for example, kingpin, Momin Khan, who’d acquired a PoS machine by the business in January for company purposes but abused it.
The accused could make trades in the title of ITSL working with the machine however divert the funds for their own firm — MK Enterprise.
He invented records, including charge cardsto create the trades,” that the complainant informed the authorities.
The officer explained that following that the accused could notify the concerned lender, stating that transactions couldn’t be made because of technical default.
Then, the lender would return the cash to those accused.
The accused have been identified as Amjad Alvi, Rahul Kumar, Ravi Kumar, Feroze and Momin Khan.