Corporate Deception: Director Nabbed in Multi-Crore Loan Fraud

A business director was apprehended in Tamil Nadu, accused of orchestrating a significant loan fraud scheme involving crores of rupees. Gurugram Police conducted the arrest in response to allegations made last year by a company claiming deceitful procurement practices.

The implicated director, Prashant, aged 45 from West Delhi, was reportedly a 20% shareholder of City Mega Mart. Investigations revealed that he, along with his partners, secured a loan on the guise of a supply deal, pledging repayment with interest within a three-month window, yet failed to deliver goods or repay the funds.

The Economic Offences Wing-2's probe unveiled that purchase orders were fabricated, and funds were illicitly channeled into the director's personal ventures. Authorities continue to interrogate the suspect over his share of the fraudulently obtained Rs 70 lakh.