Cotton industrialist cheated of Rs 15 crore in purchasing new company of Akola

Chhatrapati Sambhajinagar:

Cidco MIDC police have registered an offence of cheating against three accused hailing from Akola and Amravati on a charge of cheating a local cotton industrialist of Rs 14.82 crore in connection with the purchase of an Akola-based company. Meanwhile, the police have detained two accused in this regard.

The accused include former directors Nitin Hirdas Patil, Sandip Haribhau Pundkar (both from Akola) and Sanjay Jadhav (from Amravati).

According to the complainant (N-1, Cidco) Sanjay Trilokchand Goyal (Agrawal), runs a company in Chikalthana MIDC which deals in ginning pressing and cotton trading (Rishi Fibres Pvt Ltd). In January 2021, an Akola-based agent told him that the local J J Fine Spun Pvt Ltd company has landed into a financial crisis due to the lockdown, therefore, the company is available for sale. Hence Goyal held a meeting with the board of directors of his company. Later on, the complainant’s elder brother Gopal Agrawal along with Akola’s agent went to see the company. A meeting was held with the accused (who were the directors). It was announced in the meeting that Rishi Fibres Pvt Ltd. has purchased J J Fine Spun Company for Rs 41.25 crore. Accordingly, the Spun Company directors gave the right of transferring the property to its managing director Nitin Patil. Meanwhile, the process of transferring the company was time-consuming, therefore, Nitin Patil requested the complainant and others for releasing Rs 7.14 crore so as to clear their debts. Later on, Rishi Fibres gave Rs 7.14 crore from its bank account, stated the complainant.

As per the schedule, the company was also handed over, but the complainant was shocked when it started receiving notices demanding dues by different banks, pending GST, income tax, DGFT and outstanding of several government offices. The closure of the company has been declared in the wrong way. They also hide the dues pending on the company. In settling these whole issues, Rishi Fibres Company sustained a loss of Rs 14.82 crore. Accordingly, a police complaint has been launched at CMIDC by the complainant.