Mumbai: CA held for helping firm siphon off Rs 4.5 crore

MUMBAI: A chartered accountant (CA) has been arrested for allegedly helping a logistic company in securing a loan of over Rs 4.50 crore from the ICICI Bank by submitting bogus invoices and siphoning off the loan amount.
The banking unit of the Economic Offences Wing (EOW) arrested Kapil Surendra Mittal (38) from Delhi on the charges of cheating, forgery, breach of trust and criminal conspiracy.
An ICICI Bank official had lodged a complaint with the Malad police alleging that the managing director of Leeway Logistic, Sanjay Sinha, its accounts manager Srikant Naik and others conspired with each other and submitted bogus purchase invoices of Kamal Sales Corporations, took loan of Rs 4.61 crore, paid back only Rs 20.25 lakh and siphoned off the remaining amount of over Rs 4.4 crore.
Police said that the Powai-based Leeway Logistic took the loan in 2012 for buying 175 Godrej forklifts. After it defaulted, the bank conducted an inquiry and found that the company did not buy any forklifts and the invoices and other documents presented by it were fake.