Bizman held from IGIA for 'cheating' firm of Rs 5.35 crore

New Delhi: A former MD of a prominent pump company was arrested from the Indira Gandhi International Airport as he tried to flee to Dubai allegedly after failing to pay a Delhi-based businessman Rs 5.50 crore he owed him, police said on Monday.

Dinesh Kumar Gupta, the former Managing Director of Ujala Pumps Pvt Ltd, was arrested by a team of the Economic Offences Wing for cheating a Delhi businessman of Rs 5.50 crore, they said.

Gupta was earlier declared a Proclaimed Person' in the case, police said. The case was registered in 2018 on the complaint of the owner of a firm J K Gupta & Sons (India), they said.

According to the complainant, the accused in 2012 had approached him and took from him a loan of Rs 65-70 lakh, police said.

In December same year, he took another loan of Rs 3.35 crore from the complainant on the condition that if he failed to repay the money, he would sell his property in Bhiwadi, Rajasthan to him.

In 2015, Gupta, who also had business relations with the complainant, stopped paying his bills which ran up to approximately Rs 2 crore.

The bills were raised by the complainant's firm for sale of ball bearings to Ujala Pumps Pvt Ltd, police said.

When he was pushed to honour his debt, Gupta in 2016, agreed to sell his Bhiwadi property to the complainant and set its market value at Rs 7 crore, a senior police officer said.

In this regard, an Agreement to Sell' dated October 7, 2016 was executed between both the parties mentioning details of outstanding dues and the fact that the property is free from all the encumbrances, said Jitendra Kumar Meena, Deputy Commissioner of Police (Economic Offences Wing).

Later, the complainant came to know that the property was already mortgaged with a bank, he said.

During the course of investigation, notices under sections 41(A) of the CrPC were issued to the accused but he did not turn up. Several raids were conducted to apprehend Dinesh Kumar Gupta but he was absconding and deliberately evading his arrest. Therefore, he was declared a Proclaimed Person' by a court in 2021," Meena added.