Published On : Fri, May 19th, 2017

High profile Cong neta in financial fraud, cheque bounce case

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Nagpur: A curious case of financial fraud involving a high profile Congress neta from Nagpur has been unearthed. The said Congress leader has been defaulting on due payments for the last couple of years leaving the gullible investors of his now defunct software company in haywire. The said leader was the director and shareholder of Percept Web Solutions having its offices at Lakadganj and Mihan in Nagpur. The company has not only duped investors of their money but also defaulted on loan of IDBI bank which has to recover Rs 5.97 crore. The IDBI bank has also issued possession notice on December 7, 2016 as the company failed to repay the amount.

Ditching court’s order

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Interestingly the said leader who has now been dragged into the special court and JMFC Nagpur in cheque bounce case, is deliberately evading the court’s order to remain present, first on the medical grounds and secondly on the pretext of filing a writ petition before the High Court.

On the contrary, only last month the said leader who was reportedly not keeping well and suffering from parkinson, was spotted relishing a party. A newspaper also published this party on its page-3, a copy of which in possession of Nagpur Today.

One of the victims Randhir Ashar who had paid Rs 10 lakh through his hard earned money is running from pillar to post to get his dues back. Ashar, who is engaged in a business of electrical trading in Chandralok building on CA road in Nagpur has even moved the court against this Congress leader who provided him two cheques of Rs 5 lakh each but later stopped payment.

Default on promise

Bhavin Jagat Parekh, another director of the Percept Web Solutions was in close terms with the said leader. It was Parekh who initially approached Ashar for the money with a promise that the money would be returned in 3 months. Parekh also gave promissory note to Ashar on December 8, 2014. Upon knowing the involvement of Congress leader of such a repute, Ashar consented to giving the payment. Ashar paid Rs 8.30 lakh through RTGS on December 8, 2014 and remaining Rs 1.7 lakh in cash.

Neta took financial onus

However when Ashar did not receive the money even after the promised date, he approached Parekh who further informed him that all the financial liabilities would be borne by the said leader who is the Director as well as the share holder of the company. Parekh also handed over a letter bearing the signature of said leader in which he had agreed to bear the financial responsibilites and dues of Percept Web Solutions Pvt. Ltd. A copy of this letter is also in possession of Nagpur Today. The letter clearly specifies the dues which include Rs 5 crore of IDBI bank term loan, Rs 70 lakh of IDBI CC limit along with bank interests, penalties and other market dues.

Cheating through Cheques

Ashar in his petition has informed that in February, 2016 he had met the said leader at his residence in presence of Parekh. This neta had then agreed to pay the outstanding amount of Rs 10 lakh against which he had also issued two cheques in the name of Randhir Ashar. The cheques (no. 287230 dated March 10, 2016 drawn on Yes Bank, Civil Lines, Nagpur and 287231, dated April 10, 2016 drawn on similar bank) also bear the signature of this leader.

However to his dismay, both the cheques were dishonored as the payment was stopped by the drawer. Later when Ashar approached this neta, he flatly refused to pay any amount.

Frustrated over the development Ashar moved the court and filed the case against him under section 138 read with section 142 of Negotiable Instrument Act pertaining to cheque bounce.

Many more sufferers

Sources close to the development informed that there are many more investors who had given financial assistance for this company which failed to click. Seeing the political influence and reach of this neta, many people are forced to keep shut. Even no progress has been made in this case till this date as the leader is avoiding the court order.

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Sunita Mudaliar - Executive Editor