CA among two held in 9-crore bank loan scam
New Delhi: A Chartered Accountant and a direct selling agent (DSA) were arrested by
Delhi Police
for allegedly defrauding a private bank of Rs 9 crore by using
forged financial documents
to secure business loans.According to police, the accused, Rishi Chhabra (46), a DSA from Geeta Colony and Himanshu Rastogi (33), a CA from east Azad Nagar, were arrested on May 9.
Both are currently out on anticipatory bail granted by Delhi High Court. The third accused, Anshul Ahuja, a former credit manager at the private bank, was arrested earlier and is in judicial custody."The scam came to light after the bank's internal audit flagged a pattern of defaults in business instalment loans processed by Ahuja between March 2020 and March 2021. A detailed review found forged GST returns in 71 cases and fake bank statements in 39," said additional commissioner of police (EOW) Amurtha Guguloth.Ahuja informed Rastogi whenever a loan applicant was found ineligible. Rastogi then allegedly create fake financial documents, which were routed through Chhabra to secure loans for ineligible borrowers. On Ahuja's recommendation, the private bank sanctioned and disbursed the loans, most of which turned into NPAs as borrowers defaulted on repayments, police said.
Get the latest lifestyle updates on Times of India, along with
Mother's Day wishes
,
messages
, and
quotes
!
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Time of India
33 minutes ago
- Time of India
Maggi crisis among career's greatest challenge: Nestle India MD Suresh Narayanan
Packaged foods maker Nestle India 's chairman and managing director Suresh Narayanan called out India as a market with a mix of ' inflationary pressures and unexpected opportunities,' in his last letter to the company's shareholders. Narayanan , associated with Nestle for over 26 years, will retire from the India role on July 31 this year, to be succeeded by former Amazon India top boss Manish Tiwary. "We live in capricious times, inflationary pressures , muted consumer demand , tightening of the wallet - wrapped up in a decade of challenges and unexpected opportunities,' Narayanan wrote in the company's just released annual report for 2024-25. Noting that 'volatilities will come and go', Narayanan said his first 100 days as Nestle India chairman 'were one of the greatest challenges of his career'. In 2015, Nestle's mainstay brand, Maggi instant noodles, was banned by food regulator FSSAI on allegations of some samples of Maggi containing lead in excess of permissible limits. The brand was cleared by authorities subsequently and was restored back on shelves, but the controversy took a huge toll on Maggi and the entire instant noodles category that year. Narayanan noted that now India is the world's largest market for the Maggi brand, as the company navigated 'the black swans and gray rhinos'. The maker of Maggi noodles and Nescafe coffee reported a 5.2% year-on-year decline in standalone quarterly net profit at Rs 885 crore for the March-April '25 quarter, impacted by commodity costs. The company's domestic sales touched a quarter high at Rs 5,235 crore, up 4.2% from a year ago, with revenue from operations up 4.5% y-o-y to Rs 5,504 crore. The company said it invested around Rs 6,500 crore between 2020 and 2025 to develop new capabilities and capacity. Narayanan said Nestle added 1.3 million more retail outlets last year, with presence in close to 209,050 villages. On brand reach, he said Nescafe brought more than 43 million households into the coffee category, confectionery tripled its business in the last decade and that the prepared dishes and cooking aids business doubled the Maggi franchise in India. Nestle's capex has gone up from 1.8% of sales in 2015 to 10% in the FY 2024-25, he said. The past decade has seen Nestle's revenue grow at a CAGR of 10.3% and profit from operations higher by 13.5%.
Time of India
33 minutes ago
- Time of India
WHSmith India sets sights on 5x expansion by 2028 with Rs 100 cr bet on travel retail boom
WHSmith India , the Indian counterpart of the British travel retail company, is eyeing a 5x growth over the next 3 years. Currently, the brand runs 40 stores in India across stations, airports, and university campuses, and is planning to take the store count to 200 by 2028, Shantanu Chakravartty, CEO and director of WHSmith India, told ETRetail. The travel retail brand, which closed the last fiscal with Rs 200 crore revenue along with 8 per cent EBITDA profitability and is aiming to grow its topline to Rs 500 crore and 12-13 per cent EBITDA profitability in the next three years. "We are quite bullish on the travel retail market as international passenger traffic is expected to grow 21 per cent year-on-year, and domestic passenger traffic is expected to grow 14 per cent year-on-year, and it has a direct impact on our business," he asserted. The brand, which is planning to invest Rs 100 crore to aid its expansion plans , will now be looking at opening stores at railway stations and highways, along with expanding its base at the airports. Currently, the brand operates in 3 main categories - food, non-food, and books. "Food contributes to 60 per cent of our revenue, and the remaining 40 per cent is equally divided between non-food and books. However, going ahead, we plan to focus on the books category a little more. There's a lot of potential to grow in this category. We are also exploring the idea of opening exclusive bookstores," he stated. Apart from this, it operates 2 other store formats - Zoodle and Memories of India, with one operating store of each at Hyderabad and Kochi airport, respectively. "Zoodle offers toys, and Memories of India offers souvenirs and gifts. We plan to open 10-12 stores of each going ahead," he said. Shantanu Chakravartty has recently been appointed as the chief executive officer and director of WHSmith India. He has been associated with the brand for the past seven years. Globally, WHSmith operates more than 1,700 stores across 30 countries.
Time of India
33 minutes ago
- Time of India
Dixon awaits govt nod to make displays for sub-Rs 15k phones jointly with HKC
PARIS: Electronics contract manufacturer Dixon Technologies is awaiting government approval to produce display modules for mobile phones priced below Rs 15,000, as well as for laptops and tablets, in partnership with China-based display firm HKC , said Sunil Vachani , chairman of the company. The company filed its application about six weeks ago and is now awaiting clearance, as the proposal falls under Press Note 3. Under this rule, India requires prior approval for foreign investments from countries with which it shares a land border. These include China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmar, and Afghanistan. "We have recently filed the application," Vachani said, adding that the company will explore alternative manufacturing options if approvals are not granted. He noted that if India's free trade agreements with the EU and the US materialize, the country could aim for $100 billion in annual exports. Vachani emphasized the need for companies to look beyond mobile phone manufacturing and expand into laptop production. "They can be easily manufactured and scaled up with high value addition," he said. Currently, India imports $15 billion worth of IT products annually. To boost its IT hardware manufacturing , Dixon Technologies has formed a joint venture with Taiwan-based Inventec . Vachani also said that Korean and Taiwanese companies involved in display technology for mobile phones have exited the sub-?15,000 segment. (The correspondent is in Paris at the invitation of the commerce and industry ministry.)
