Metropolitan magistrate SM Singhal has sent Rakesh Malaviya, key accused in the Rs96 lakh Gujarat State Seeds Corporation Limited cheating case, to six-day police remand.
Metropolitan magistrate SM Singhal has sent Rakesh Malaviya, key accused in the Rs96 lakh Gujarat State Seeds Corporation Limited (GSSCL) cheating case, to six-day police remand. Malaviya along with his accomplice Shailesh Sadani and others, withdrew more than Rs96 lakh from the corporation by using fake cheques. Malaviya was arrested by the police on Saturday.
Malaviya and Sadani created six dummy firms, Khodiyar Creation, Raj Corporation, Mayank Road Carrier, Khushi Enterprise and two other. The fraudsters then opened bank accounts of these companies and deposited forged account-payee cheques of GSSCL in these accounts, giving the impression that GSSCL was making payments to these companies. Since all these cheques were account payee, the money was deposited into another account of the same bank. The entire process was designed to ensure that the bank employees do not get suspicious.
Eight GSSCL cheques were encashed between August 21 and September 1 pertaining to these companies. The scam came to light on Wednesday when a cheque was deposited by on of the scamster at Punjab National Bank on Ashram road. The bank employees were taken aback when they noticed that though the cheque had an amount of Rs3.7 crore in words, the amount written in numbers was only Rs37,000.
The prosecution lawyer pleaded that the police are still to arrest many persons in this connection. He sought the remand on grounds that the police needed to find the source from where the cheques came. The prosecution lawyer pleaded that they also have to find who filed the cheques.
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