The three accused have been identified as Prabhakar Shetty, MD of Al-Rkayan Apparels and Exports Pvt Ltd, Mohammed Ismail Abubakar, the executive director of the same firm and Mohammed Farooq Hamid, chairman of another private group
The Managing Director of a denim-manufacturing company, along with two other people have been booked by the Vanrai police for allegedly cheating a reputed motor company to the tune of Rs 4 crore by accepting the said amount as an investment, but giving no returns.
The three accused have been identified as Prabhakar Shetty, MD of Al-Rkayan Apparels and Exports Pvt Ltd, Mohammed Ismail Abubakar, the executive director of the same firm and Mohammed Farooq Hamid, chairman of another private group.
The complainant, a resident of Kerala working as the Chief Operating Officer and country head of a motor company, told the police that the accused trio knew the company's chairman who operates from Saudi Arabia.
A few years ago, all of them paid a visit to him in the Gulf country. "The motor company where the complainant is currently employed is located at Saudi Arabia so Shetty, Abubakar, and Hamid met the chairman and told him that he was keen to expand the business of his denim-manufacturing business. And as such he was seeking investment from the motor company. The accused said that after receiving the investment, the business shall yield profit and shall also enter the international market. After frequent requests, the Vice President of the motor company visited Shetty's office at Cama Industrial Estate in Goregaon east in 2015," said a police officer.
According to the police, the accused trio showed the VP documents indicating the company's progress and how they are working as per fashion trends.
They also tried to seek investment by showing available raw materials, an efficient workforce, high-quality machinery, and their clientele. Lastly, Farooq, who was also present for the meet, showed an unaudited balance sheet of the company, which reflected the company's income and the widening profit margin.
"The accused trio managed to get Rs 4 crore as net investment and assured the beneficiary that 30% of the profits earned shall be given to them on an annual basis. However, it later came to light that there was no profit being made by the company and the accused failed to pay back the motor company's investment money. We have registered a case under Sections 406 (breach of trust) and 420 (cheating) of the Indian Penal Code. Further investigation of the matter is underway," the officer added.
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