The Hindu : New Delhi News : Two held for cheating

Online edition of India's National Newspaper
Sunday, Apr 04, 2004

New Delhi

New Delhi

Two held for cheating

By Our Staff Reporter

NEW DELHI, APRIL 3. Two persons, who allegedly cheated a garment export firm of goods worth about Rs. 50 lakhs on the pretext of generating export orders through a Germany-based company, have been arrested by the Economic Offences Wing (EOW) of the Delhi police. Two other accused are still at large.

According to the police, Sanjay Gambhir, a partner with a garment export firm named D.D. International, lodged a compliant that Asit Vashisht, his father Ravinder and brother, Amit, cheated him. The three approached him in December 2001 and during the meeting, they introduced Asit saying he was settled in Germany and had garments outlets there. They further said that one Klaus Trepczik was Asit's partner in the business and the duo would provide export opportunities to Sanjay.

Lured by the business prospect, Sanjay agreed to go for an alliance and it was decided that Amit would work with D.D. International for the development of the export of readymade garments. As asked by the accused, Sanjay made four shipments of goods worth Rs. 50 lakhs to Germany on the basis of delivery on acceptance term.

However, the accused did not pay for those consignments. Of the four consignments, three were shipped in the name of KL-AS Handelsgeselischaft mbh and the fourth was sent to Fair Textile Handels-Gmbh Theodar-Heuss. Investigations revealed that the consignee had received all the shipments. For the work, Sanjay paid a commission of Rs. 3 lakhs and Rs. 1 lakh to Ravinder and Rs. 1 lakh. Investigations revealed that Ravinder, Amit and Asit were the directors of Fair Textiles Trading Company.

Those who had received the consignments in Germany had sent a Letter of Credit (LC) to Fair Textiles and the same LC was endorsed to D.D. International by the accused. However, that LC was not honoured when presented by Sanjay to the bank concerned in Germany.

Subsequently, he met the accused to convince them to pay for the consignments. The accused issued cheques that bounced due to insufficient funds. Acting on the complaint, the police have arrested Asit and Amit, while a hunt has been launched for Asit's partner, Klaus Trepczik, and Ravinder.

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