Mumbai: The economic offences wing has arrested the promoter of a private firm for cheating another private firm that manufactures high security registration plates (HSRP) for vehicles. The complainant told the police that his firm has been cheated of around Rs 46 crore. The arrested accused, Ravi Somani, has been sent to police custody till January 18.
The EOW booked New Delhi resident Somani, promoter of Utsav Safety System Pvt Ltd, for cheating and criminal conspiracy. The police are yet to arrest representatives of Utsav Safety—Brij Kumar, Anil Jhawadia and Shanti Sharma.
Complainant Pankaj Madan, a director with the Rosmart Tehnologies, said his firm is engaged in manufacturing the HSRP. Somani contacted Rosmart in 2011, asking for support in starting a joint business. Madan’s firm tied up with Somani’s firm to provide the raw material to him. In March 2013, the Delhi government floated a tender for which a minimum deposit of Rs 5 crore was required. Somani and Brij Kumar told Rosmart that they did not the amount and asked Rosmart to start a joint venture, Rosmart SSRP Ventures Pvt Ltd, with them. In the new venture, Rosmart had 74% shares while Somani had 26% shares. The joint venture firm would manufacture blank plates and give it to the government. During 2012 and 2013, they made plates worth over Rs 45 crore. In Sept 2013, Brij Kumar told Rosmart that once they received funds, they will give it to Rosmart with interest. When it not do so, the complainant approached the police-
The Times of India, January 18, 2014