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Central firm's officer held for Rs 3.20 cr fraud
The Deputy General Manager of Indian Telephone Industries (ITI) Ltd, a central government owned company, has been arrested on the charges of cheating a city-based fertiliser company to the tune of Rs 3.20 crore on the pretext of making them invest the sum to procure face masks and nitrile gloves for government hospitals.
Chennai
The arrested K V N Rajan of Ambattur, DGM for ITI Ltd (Tamil Nadu and Puducherry), allegedly approached ICMC Pvt Ltd, a fertiliser company in Ambattur Industrial Estate, claiming that they have bagged the order to procure face masks and Nitrile gloves to meet the demand at the government hospitals to fight Covid 19.
He reportedly told the proprietor Kannan that as a government entity they cannot invest the money in advance and requested Kannan to make the investment in order to make huge profits.
Believing him, the company sent Rs 3.20 crores to three different companies but did not get the masks or gloves as told.
Since Kannan could not get his money, a complaint was lodged at the Central Crime Branch at the city police commissionerate in February this year and the entrustment document fraud wing registered a case.
Since investigation revealed that Rajan fraudulently made the victim pay the sum to companies and received a commission, he was arrested and remanded on Tuesday.
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