Two arrested for duping firm

New Delhi, June 16 (IANS) Two businessmen were arrested from Maharashtra for allegedly duping a financial corporation of Rs.5 crore, police said here Sunday.

Ashok Kumar Rathi, 51, and Vijay B. Shethia, 47, were arrested and brought to Delhi from Maharashtra for duping Industrial Finance Corporation of India (IFCI), a police official said.

A complaint was registered Aug 30, 2012, with the Economic Offences Wing of Delhi Police by Tapabarata Mohitra, a senior associate vice president of IFCI Ltd.

The complainant stated that Maven Industries Ltd had approached IFCI for a loan of Rs.5 crore on the pretext of supplying soya refined oil to Jayesh Oil Trade Pvt Ltd.

Rathi produced a fake bill, worth Rs 5.90 crore, of supplying soya refined oil to the company.

After two months, the company found that the bills and invoice were fake.

The accused have confessed to their crime.

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