Pharmaceutical company files complaint with Economic Offences Wing (EOW) of Delhi Police against its former director for allegedly misappropriating Rs 3.68 crore. (Express Photo/ Representational)A pharmaceutical company has filed a complaint with the Economic Offences Wing (EOW) of the Delhi Police against its former director for allegedly misappropriating Rs 3.68 crore from the firm, officers said. The complaint was filed by Yogesh Gupta against his brother Umesh Gupta, who was a director and signatory on behalf of the company.
The complainant Yogesh said he and the accused Umesh had been running Medipol Pharmaceutical India together at first, with Umesh later setting up a proprietorship firm in the same line of business. In July 2021, they parted ways, with Umesh running the proprietorship firm, and the pharmaceutical firm registered in Vishwas Nagar going to the complainant.
After this, Yogesh asked the accused to hand over Medipol’s cheque books and received the same from him. Yogesh said he found out on March 24 this year that the accused had allegedly made a withdrawal of Rs 3.68 crore from Medipol’s accounts and transferred it to his family members as well as the proprietorship firm.
Yogesh also alleged that this was portrayed as the return of unsecured loans and creditor repayment, pointing out that no board or shareholder approval had been taken. The complainant alleged that this was done using a cheque book that the accused had retained, further alleging a breach of fiduciary duty as he was a director.
The complainant also claimed that a flat in Ghaziabad, which had been held in trust for the complainant, was sold by Umesh without taking the former’s consent. In the wake of these events, the company was experiencing difficulties in making payments and the accused had refused to return assets and funds, he said.
An FIR has been registered under IPC sections 406 (criminal breach of trust) and 409 (criminal breach of trust by public servant/banker/ agent.)