Mumbai Diamond businessman held for cheating brother of Rs90 crore

Friday, 13 December 2013 - 10:29am IST | Place: Mumbai | Agency: DNA

The MRA Marg police have arrested the vice-chairman of a leading diamond company for allegedly cheating his younger brother, who is the managing director of the same company, to the tune of Rs90 crore.

According to the police, Navneet Goenka — with the help of his family members — allegedly fraudulently transferred Rs4.09 crore shares worth Rs90 crore from Goenka Diamond and Jewels Ltd to his mother’s account, thus causing losses to his younger brother Nitin.  

The police said that Nitin, who is a resident of Carmichael Road, left for Malaysia on October 25 and returned on November 11. On November 22, when Nitin went to his bank, he was informed that his shares had been transferred to his mother Nirmala’s demat account.

When Nitin was sure that he had been duped, he approached the police and lodged a complaint against Navneet. He also lodged a complaint against his mother, father Nandlal and the company’s accountants Pratibha Parab and Sham Kasera.

Police said that the accused took the help of an advocate and notary to make fake documents and then forged Nitin’s signature. The stamp papers used by the accused in the case were also found to be forged.

During the course of investigation, the police found out that Navneet had pretended to be Nitin when a bank official called him to confirm the transfer of shares.

Ashok Jagdale, senior inspector of MRA Marg police station, said, “Navneet is in police custody. He will be produced before the court on Friday.”

Family turns foe
The police said that Nitin Goenka, managing director of Goenka Diamond and Jewels Ltd, left for Malaysia on October 25 and returned on November 11. On November 22, when Nitin went to his bank, he was informed that his shares had been transferred to his mother Nirmala’s demat account. When Nitin was sure that he had been duped, he approached the police and lodged a complaint against his brother Navneet.


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