ZP member arrested for Rs 13-cr fraud

  Rakesh alias Abdul Latif (29) is the prime suspect in the Rs 13-crore fraud case, said the police.

According to the police, Rakesh and his associates Jayashree, Rajshekhar and Kumar Guru floated a company in 2008. The company named Sony Impex with its office in R T Nagar was into garment business. Rakesh and his associates would buy sarees and dress materials from various traders and sell them.

The suspects reportedly contacted leading companies in Maharashtra and Tamil Nadu between May 2008 and August 2009 through internet. They expressed desire to buy materials on the condition that they would make an advance payment of 25 per cent and the rest after receiving the consignment. Accordingly, they placed bulk purchase orders and received the materials. They sent  cheques for the remaining 75 per cent payment. However, all the cheques bounced.

They sold the materials at several places in and around Erode in Tamil Nadu. When contacted, they promised to make the payment but absconded closing down their company. Complaints were filed with R T Nagar and J P Nagar police in Bangalore, Theni police in Tamil Nadu and a few police stations in Mumbai.

The cases were handed over to the CCB. The police have also arrested Jayashree, Rajshekhar and Kumar Guru.

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