Frauds cheat organic company of

MUMBAI: A Rajasthan-based organic food company filed a complaint after being cheated by fraudsters of ₹59 crore using the names of Reliance Industries Ltd chairman Mukesh Ambani and Reliance Mart, the company’s retail chain.
The police said the accused lured an organic food company into an understanding by telling its director that he was already supplying spices to Reliance Industries-owned Reliance Mart and with the help of his contacts he can help increase the company’s turnover. The main accused, identified as Manish Chaturvedi, has similarly cheated several companies before, and the cops have issued a Look Out Circular (LOC) against him.
The complainant, Narendra Thanvi, director of Romofy Agro Pvt Ltd. The accused opened a bank account in the company’s name and carried out transactions in the bank account to the tune of ₹59 crore – most of the money has been transferred by non-banking finance companies, which the police believe are loans.
“The company’s head office is in Malad, and they also have a branch in Rajasthan. In 2022, the firm’s financial advisor had introduced them to Manish Chaturvedi claiming that he is the director of several companies and will help them increase their business,” said a police officer.
Chaturvedi then introduced Sanjay Umasare to his employees and was appointed as authorised signatory of the company. After that they even passed a board resolution to open a bank account in a private bank in the Fort area, where business money can be deposited, they kept various conditions to operate the bank account one director’s permission was required.
“After the bank accounts were opened a lot of time had passed, but no business was increased and Chaturvedi stopped answering the complainant’s call. Meanwhile, they were informed that huge transactions had been done in their bank accounts. So, they visited the branch and learnt that around ₹59 crore was transferred to the bank account by various people including non-banking finance companies, and they were cheated by the accused showing used transactions of purchase and sell. The cheating has happened from 16 March 2023 to 31 March 2024,” said the police officer.
“The case has been registered for forgery, cheating, criminal breach of trust, cheating by personation and various other sections of the Indian Penal Code. We will inquire into the matter,” said the police officer.
The police said they have learnt several cases are filed against Chaturvedi for cheating various companies similarly and he has most probably fled India.