NEW DELHI, Feb. 5 -- The Economic Offences Wing of the Delhi Police has arrested Ramakant Shankarmal Pilani, former Director and CEO of M/s Ganesh Benzoplast Ltd. and M/s GBL Chemical Ltd., for allegedly defrauding multiple Non-Banking Financial Companies (NBFCs) of over Rs 20 crore using forged documents.
Pilani, a Mumbai resident, misrepresented his companies' financial health by fabricating board resolutions and financial records to secure loans. The fraud came to light after M/s Lok Sewak Leasing & Investment Pvt. Ltd. filed a complaint, leading to an FIR under IPC sections 406, 420, 467, 468, 471, and 120B.
In January 2024, Pilani claimed M/s GBL Chemical Ltd.'s turnover rose from Rs 95 crore in 2018 to Rs 212 crore, projecting Rs 1,000 crore by 2026. Based on these claims, he secured Rs 7.03 crore in debt/equity investments and Rs 13 crore in loans from NBFCs.
Pilani and associates opened bank accounts with fake credentials, diverting and misappropriating funds. A habitual offender, he faces three similar fraud cases in Bangalore and Mumbai.
Published by HT Digital Content Services with permission from Millennium Post.