Hyderabad: Businessman duped of Rs 8.7 crore, accused held
Hyderabad: The White Collar Offences team of the Central Crime Station arrested a Gujarati businessman from Mumbai on charges of cheating a Hyderabad-based businessman of Rs.8.7 crore in the guise of selling solar modules. The arrested person was Ilesh Sha (32), proprietor of Sri Siddi Vinayaka Solar Company based in Surat, involved in solar module […]
Hyderabad: The White Collar Offences team of the Central Crime Station arrested a Gujarati businessman from Mumbai on charges of cheating a Hyderabad-based businessman of Rs.8.7 crore in the guise of selling solar modules.
The arrested person was Ilesh Sha (32), proprietor of Sri Siddi Vinayaka Solar Company based in Surat, involved in solar module business.
According to CCS officials, the complainant had ordered for about 5,580 solar modules at the cost of Rs.8.7 crore and paid the entire amount in the first week of July.
However, Sha failed to supply the material in time and instead diverted the money into his personal bank accounts as well as binami accounts. Based on a complaint on Monday, the CCS police booked a case and arrested Sha from Mumbai apart from seizing Rs.38 lakh from him. Bank accounts with Rs.8 crore were frozen.
He was brought to the city and produced before court.
