A major case has emerged involving a fraud of Rs 570,000,000, allegedly committed in collusion by the owner of Noida-based Goyal Group, on the pretext of purchasing solar panel components and semiconductors from a company in Gurugram. In connection with this case, a team from the Gurugram Economic Offences Wing II arrested the accused company owner from Noida on Friday.
A case regarding this major fraud was registered at the Sector 50 police station in Gurugram on January 1. The company owner received crores of rupees against a letter of credit for the purchase of goods but failed to deliver them. Acting on intelligence gathered through police systems and with technical assistance, the police team arrested an accused from Greater Noida on Friday. He has been identified as Gaurav Goyal, a resident of Vikas Marg in Delhi.
Collusion And The Use Of Fake Documentation
The complainant stated that representatives from the Goyal Group companies, HQ Lamps Manufacturing Company and Goyal Lighting, had contacted their company, RAH Infotech Private Limited, to purchase solar panel components and semiconductors. They stated that the goods would be purchased from GH-2 Solar Limited Company via a letter of credit, with payment to be made on time.
Both companies allegedly defrauded the complainant by creating fake bilti bills (consignment notes), transport bills and e-way bills. A total fraud of Rs 572,200,000 was committed by the Goyal Group companies in collusion with VG Electronics. The crime was carried out by the accused taking out a loan against fake bills, transport bills and goods and then failing to repay it.
Bounced Cheques And Embezzlement Of Funds
Goyal Lighting issued a cheque for Rs 352,500,000 and HQ Lamps issued one for Rs 269,646,912 for payment, both of which bounced due to insufficient funds. The Economic Offences Wing II registered the case at the Sector 50 police station following an investigation.
Rs 180,000,000 transferred to VG Electronics' bank account During initial questioning, the accused stated that he is the owner of the company VG Electronics. His father, Rakesh Goyal, owns HQ Lamps and Goyal Lighting, and he also manages the operations of both these companies. They had arranged for a payment of Rs 555,500,000 to be made to GH-2 Solar Company via a letter of credit, on the pretext of purchasing solar panel components and semiconductors from RHA Infotech Private Limited.
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They then embezzled this money by creating fake purchase and transport bills and the cheques they later issued for payment bounced. The accused stated that of the amount transferred in the fraud, he had received Rs 180,000,000 by having it transferred to the bank account of the company VG Electronics.
Next Steps In The Investigation
A Gurugram police spokesperson stated that the accused will be taken on remand for further questioning. Detailed questioning will be conducted to identify his accomplices, uncover other potential crimes, and recover the defrauded amount and related documents.