The Economic Crimes Wing of the Delhi Police has arrested the manager of a food company in Telangana for allegedly falsifying bank guarantees and cheating an oil company out of Rs 5.6 crore.
Officials said the accused, Ramesh Utlapally, was convicted in a cheating and forgery case two years ago. He produced fake bank guarantees and bought edible oil from South India Krishna Oil & Fats (SIKOF).
According to the police, they received a complaint from SIKOF alleging that the directors of a food company named Sri Anjaneya Sri Lucky Agencies contacted them asking for a bulk order of vegetable oil.
They gave two bank guarantees of Rs 2.25 crore each and bought the oil. Later, the plaintiff discovered that he had been deceived when the accused fled with the purchased products.
Chhaya Sharma, Deputy Commissioner of Police (EOW), said an investigation revealed that Utlapally, the company’s managing partner, forged receipts from Allahabad bank to deceive the complainant.
After several raids in Delhi and Telangana, Utlapally was arrested in Hyderabad on Saturday.
During interrogation, the accused revealed that he was facing business losses and decided to deceive the oil company and sell his product on the open market.
The Manipal University graduate worked in different pharmaceutical companies for 14 years as an analyst and quality controller before starting his own company with associates.