The Mumbai police yesterday received a complaint from Delhi’s Economic Offences Wing (EOW) about a cheque bouncing case of Rs 5 crore. The cheque was issued by Yash Birla Group’s Birla Power Solution to Delhi-based businessman Ashok Thapar.
In his complaint to the EOW, Thapar has alleged that he had given a loan of Rs 5 crore to Birla’s company and was assured interest returns at 30 per cent per annum. Thapar alleged that the company gave him an Indian Overseas Bank cheque of Rs 5 crore, but it came back as the account from which the cheque was issued was shut.
Incidentally, the same thing had happened months ago, when a Colaba-based woman made a strikingly similar allegation against the tycoon. The company later issued another cheque of Rs 5 crore to Thapar from another bank, State Bank of India, but this cheque was also returned since the account had insufficient funds.
The letter was dispatched by deputy commissioner’s office, Delhi EOW to Mumbai police commissioner’s office last month. A copy of the letter is available with MiD DAY. According to the letter, the company was given a loan of Rs 5 crore by Thapar in October 2009 for a period of nine months, and Thapar was assured that the money would be returned to him with a 30 per cent yearly interest.
In the meantime, the company returned some amount to Thapar as interest, which Thapar said was at 18 per cent instead of the promised 30 per cent. He alleged that certain nine-month extensions were granted to the company after the assurance that the loan would be paid back.
The first hiccup came in May 2013, when Thapar deposited the first cheque drawn on the IOB account in his bank in Gurgaon. The cheque returned unprocessed, with a letter informing him that the account in question had been closed.
Thapar said he spoke with Yash Birla and company top brass PVR Murthy, Kalyan Bhattacharaya and Upkar Singh Kohli who presented an SBI cheque this time for the same amount. But even this cheque came back due to inadequate money.
Thapar in his letter has alleged that after the second cheque was returned, he spoke to directors at the company seeking an explanation but received no response.
He also claimed in his letter that he has initiated legal proceeding against the company and its director under the Negotiable Instruments Act, he still went ahead with the complaint to EOW, because he thinks he’s been cheated, defrauded and his money has been misappropriated by Birla Power Solutions Limited through its director Yash Birla, PVR Murthy, Kalyan Bhattacharya and Upkar Singh Kohli Joint Commissioner Himanshu Roy of Mumbai Police said, “We are carrying out investigations against Yash Birla’s Birla Power Solution. However, I cannot comment on the letter from Delhi EOW, as I haven’t received it yet.”
Allegations of past fraud
In June, this paper had reported how a Colaba-based woman had filed an FIR against Birla Power Solutions. She claimed the account from which the firm issued her a cheque for Rs 2 crore -- her dues for prior investments -- was shut. Read more