Bengaluru Police arrested Noida CA for defrauding Companies of Rs.168 crore Fake Bank Guarantees

A Chartered Accountant has been detained for allegedly defrauding 11 private companies by providing fraudulent electronic bank guarantees worth Rs.168 crore, Bengaluru police said on Wednesday.

The accused, Ashish Roy alias Ashish Saxena, 45, of Noida, was held by immigration officers at Delhi’s Indira Gandhi International Airport after returning from Kuwait, according to reports.

The Bengaluru Police issued a lookout notice against him in February.

According to the police, the issue came to light after an officer from National E-Governance Services Limited filed a case of cheating after discovering that the e-bank guarantees submitted by these organisations were fraudulent.

The investigation revealed that the accused used his professional network to approach chartered accountants and financial advisers of these private firms under the guise of supplying them with e-bank guarantee certificates, for which he earned Rs.5 crores in commission.

He was allegedly operating out of Kuwait with the assistance of an accomplice who has yet to be identified, according to a senior police officer. Nine of the 11 private enterprises are situated in Bengaluru, he said. According to police, two laptop computers, six mobile phones, and ten chequebooks from various bank accounts were found in his hands.