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DGM Of A Public Sector Firm Held For Rs 3.20 Cr Fraud
The Deputy General Manager of Indian Telephone Industries (ITI) Ltd, a public sector company of the union government, has been arrested on the charges of cheating a city-based fertiliser company to the tune of Rs 3.20 crore on the pretext of making them invest the sum to procure face masks and nitrile gloves for government hospitals.
By
migrator
migrator
Chennai
The arrested K V N Rajan of Ambattur, DGM for ITI Ltd (Tamil Nadu and Puducherry), allegedly approached ICMC Pvt Ltd, a fertiliser company in Ambattur Industrial Estate, claiming that they have bagged the order to procure face masks and Nitrile gloves to meet the demand at the government hospitals to fight Covid 19.
Rajan reportedly told the proprietor Kannan that ITI Ltd as a government entity did not have the provision to invest money in advance requested Kannan to make the investment and it promised that it would yield huge profits.
Believing him, the company sent Rs 3.20 crores to three different companies but did not get the masks or gloves as told.
Since Kannan could not get his money back, a complaint was lodged at the Central Crime Branch at the city police commissionerate in February this year and the entrustment document fraud wing registered a case.
Since investigation revealed that Rajan fraudulently made the victim pay the sum to companies and received commissions, he was arrested and remanded on Tuesday.
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