Exporter held for fraud

HYDERABAD: The Central Crime Station (CCS) police on Tuesday arrested a person who duped a leading transformer manufacturing company on the pretext of transporting their products to Kenya.

Published: 28th March 2012 05:28 AM  |   Last Updated: 16th May 2012 09:47 PM   |  A+A-

HYDERABAD: The Central Crime Station (CCS) police on Tuesday arrested a person who duped a leading transformer manufacturing company on the pretext of transporting their products to Kenya.

Deputy commissioner of police, Crime, J Satyanarayana said the accused, P Vishnukanth, chairman of Sarosh Shipping Private Limited, collected more amount, than the agreement, from Vijay Electricals Limited to transport the transformers.

Vijay Electricals had placed an order for shipment of 13 power transformers, worth Rs 36 crore, to specific locations and agreed to pay Rs 3.68 crore for it.

The accused, after holding discussions with his sales director Emyln, agreed to the terms and conditions of the consignment.

Vijay Electricals wanted the 13 transformers to be taken in two consignments from the factory to Mumbai port. Once the goods were shipped at Mumbai Port, Vishnukanth started demanding illegal payment for the transportation of transformers.

He, along with Emyln, collected nearly Rs 5.63 crore (against the Rs 3.68 crore in the agreement) illegally and delivered only 10 of the total 13 transformers.

K Sharath Chandra, general manager, marketing, Vijay Electricals, lodged a complaint with the CCS, based on which they arrested Vishnukanth in Kerala.

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