Director of food firm arrested for cheating oil company of Rs 5.6 crore

New Delhi: The director of a food firm from Telangana was arrested by the Delhi Police's Economic Offences Wing for allegedly faking bank guarantees and defrauding an oil company of Rs 5.6 crore.

Officials said the accused, Ramesh Utlapally, was booked in a cheating and forgery case two years ago. He produced forged bank guarantees and purchased edible oil from South India Krishna Oil & Fats (SIKOF).

According to the cops, SIKOF filed a complaint saying that directors of a food firm called Sri Anjaneya Sri Lucky Agencies contacted them and requested a large order of vegetable oil, The Indian Express reported.

They gave two bank guarantees of Rs 2.25 crore each and bought the oil. Later, the complainant found that they had been cheated as the accused fled with the purchased products.

Chhaya Sharma, Joint Commissioner of Police (EOW) said an investigation found that Utlapally, the managing partner of the company, forged receipts from Allahabad Bank to cheat the

complainant.

After several raids were conducted in Delhi and Telangana, Utlapally was arrested from Hyderabad on Saturday, The Indian Express

reported.

The graduate from Manipal University had worked at different pharma companies for 14 years as an analyst and quality controller before starting his own company with

associates.