Ex-executive of coal export firm held for Rs 30 crore fraud
BHUBANESWAR: The Economic Offences Wing (EOW) of the Crime Branch here on Sunday arrested a former executive of Karam Chand Thapar & Bros (Coal Sales) Limited, a Kolkata-based coal handling company, on charges of misappropriating Rs 30-crore company funds.
The alleged fraud took place when the accused Rakesh Chopra, 60, was posted as deputy vice-president in the company’s branch office at Paradip in Odisha. After being sacked by the company last year, he recently joined a Chennai-based company as logistic adviser (east zone) on monthly salary of Rs 1.5 lakh.
Chopra, who hails from Delhi, was detained on Saturday while trying to board a Delhi-bound flight at the Biju Patnaik Airport here. “During his tenure in the coal export company, he resorted to clever tactics and diverted nearly Rs 30 crore to two companies, floated by his relatives. He handled the income tax return money. Instead of depositing the amount in the company’s account, he diverted it to those owned by his relatives,” said DIG (EOW) Sanjay Kumar.
“We found funds being illegally diverted on more than 40 occasions. Though he had been swindling the company since 2011, the fraud came to the light in 2014,” he said.
The company lodged a complaint against Chopra at Paradip police station in January 2014. The EOW took up the case only on July 7 the same year. “Initially, the company informed us about Rs 10-crore fraud. Subsequent investigation revealed that it involved more than Rs 30 crore,” the DIG said.
EOW sources said Chopra maintained a lavish lifestyle in Delhi. “He owns a restaurant and two expensive cars. He travelled several countries apparently by using the misappropriated money,” Kumar said.
Chopra denied the charges. “I did not embezzle any money. The company falsely implicated me in the case,” Chopra told mediapersons. He parried when asked about ‘funds transferred’ to the companies of his relatives.
The EOW, however, has not recovered any money from Chopra. Possible involvement of others in the case is being investigated, official sources said.
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