Key Highlights
- The accused was produced before a court in Gurugram, which sent him to ED remand.
- The case is based on a First Information Report registered by the Central Bureau of Investigation alleging cheating and criminal conspiracy by the accused for causing losses to the tune of ₹236 crore to public sector lending banks between 2015 and 2018.
- According to the ED, Richa Industries had systematically recorded fictitious sales without any actual supply of goods, including cotton fabric sales of ₹7.42 crore, and fabricated solar-related sales of ₹8.50 crore to multiple shell companies operated by various entry operators.
- “The invoices and ledger entries for these transactions were found to be forged and manipulated, with outstanding balances and inter-division transfers used to conceal non-receipt of payments.
- These actions resulted in artificial inflation of turnover and deliberate misrepresentation of the company’s financial position to mislead lenders and other stakeholders,” it said.
