Ex-president of Atlas Cycles arrested for Rs 9-cr fraud

The accused has been identified as Salil Kapoor, a proclaimed offender having Rs 25,000 reward on his head. According to the police in February 2012, one Satinder Nath Maira, the complainant, received Rs 35 crore from the sale of his property in Sunder Nagar, out of which Rs 13 crore were handed over to one Prashant Kapoor who was well known to the family, for further investment of the money.

“Prashant Kapoor, with connivance of Salil Kapoor and <g data-gr-id="33">others</g> misappropriated Rs 13 crore on the pretext of purchasing capital gain bonds worth Rs 7 crore and depositing Rs 6 crore in Allahabad Bank,” the complainant told the cops. 

Prashant alleged that in July 2012, a loan agreement was entered into between him and Salil Kapoor wherein it was mentioned that Prashant has to lend a sum of Rs 5 crore to Salil, against a property in Defence Colony. On <g data-gr-id="40">investigation</g> it was revealed that Salil had earlier taken a loan from Money Line for the property amounting to Rs 2.75 crore as per the loan agreement. Prashant paid <g data-gr-id="38">outstanding</g> amount to Money Line on behalf of Salil and rest of the loan amount was given to Salil who issued seven post-dated cheques of almost Rs 8 crore. Later on, all the seven post-dated cheques were dishonoured. After this, Salil was declared as absconder by a city court.

During further investigation, it came to light that accused Salil had also cheated one lady — Sunita Bansal to the tune of Rs 4 crore. Accused Salil had sold this same property to her for Rs 4 crore. He had also taken the said property on lease from her in the name of his company — Atlas Laboratories & Pharmaceuticals Ltd. 

“This lease agreement with Sunita Bansal was made to conceal the fact that the property was not in his possession. She also came to know that Salil had taken a loan of Rs 5 crore from Prashant by mortgaging the same property. Thus, she was cheated of Rs 4 crore in the complete transaction,” the official said.

The modus operandi of the accused was that in a <g data-gr-id="30">well planned</g> conspiracy between accused Salil and Prashant to misappropriate the hard earned money of the complainant Satinder Nath Maira, they prepared false documents.

During <g data-gr-id="29">investigation</g>, it was revealed that Salil was the president of Atlas Cycles Ltd. Haryana, and at present he is managing director of Atlas Laboratories and Pharmaceuticals Ltd.