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Business News » India News

Sugar firm MD forged signature of its director for Rs 273 cr

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The top executive of a Nashik-based company was arrested Monday for allegedly forging the signatures of a director of his firm for borrowing Rs 273 crore from banks which he has defaulted on, police said.

The arrest was made after a local court rejected the anticipatory bail application of the main accused Dinkar Bodke, the Managing Director of KGS Sugar Infra Corporation Limited.

Additional Superintendent of Police Samadhan Pawar said Bodke was being brought to Jalna.

The company director, identified as Dr Sanjay Rakh who is a resident of Jalna, had resigned after the fraud came to light in February last year.

Investigating Officer S D Bangar said the MD and other directors allegedly borrowed Rs 273 crore from three banks in Nashik by showing Dr Rakh as a guarantor and forging his signatures on the loan documents.

"The irregularity came to light in February 2018 when Bodke defaulted on repaying the loan, following which the banks issued notices to Rakh in his capacity as the guarantor," Bangar said.

Subsequently, Rakh resigned from his post and lodged a complaint with Kadim Jalna police station, following which a case was registered against Bodke and directors Prahlad Karad, Manjusha Bodke, Ganesh Karad, Anil Mishra and Debasish Mandal, apart from auditor Mahesh Kokate and three officials of the banks on charges of cheating and forgery.

Bangar said Jalna police's Economic Offence Wing (EOW) had sent the specimen signatures of Rakh to a government handwriting expert, and his report has established the forgery.

Other accused are yet to be arrested.

According to the company's website, KGS Sugar & Infra Corporation Ltd. was incorporated in 1998 under the provision of the Companies Act, 1956.

It is a closely held public limited company and registered with the ROC, Mumbai.

The calls made on the landline numbers given on the company's website couldn't get through.

 

(This article has not been edited by Zeebiz editorial team and is auto-generated from an agency feed.)

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Economy
Updated: Mon, Jan 21, 2019
11:40 pm
PTI
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