Cyberabad Police Register Case Against 10 Accused for Forgery and Cheating
The Cyberabad Economic Offences Wing (EOW) police have registered a criminal case against 10 individuals, including members of a business family, a chartered accountant, and others, for allegedly forging company documents, cheating, and criminal conspiracy.
Background of the Case
A 42-year-old businessman, promoter of an infrastructure and real-estate company, filed a complaint against the accused. He alleged that the accused misused provisions of the Insolvency and Bankruptcy Code (IBC) and submitted fabricated documents before the National Company Law Tribunal (NCLT) to gain control over the firm and its assets.
Modus Operandi
- The accused allegedly unlawfully accessed records, letterheads, and cheques of the company.
- They created false loan confirmation letters and supporting documents using these records.
- The fabricated documents were later submitted before the NCLT to project the accused as financial creditors.
Consequences of the Forgery
The accused allegedly became members of the Committee of Creditors (CoC) through these claims and influenced the Corporate Insolvency Resolution Process. This led to the manipulation of the process to secure control over the company and its assets, including over 34 acres of land in Bacharam village of Abdullapurmet mandal, Rangareddy district.
Estimated Financial Loss
The victim estimated his financial loss, including company assets, business opportunities, and reputation, at ₹200 crore.
Investigation Underway
Based on the complaint, EOW police registered a case under BNS sections relating to cheating, forgery, criminal conspiracy, and use of forged documents. An investigation is currently underway.
Strong Action Against the Accused
The police are determined to take strong action against the accused and bring them to justice. The case is a prime example of how the misuse of laws can lead to severe consequences.