In a significant case of alleged business fraud, two industrialists from Ahmedabad have been accused of cheating a local steel trading firm out of a substantial sum of Rs 1.29 crore. The owner of the trading company, a 55-year-old businessman, filed a formal complaint with the crime branch on Friday, invoking relevant sections of the Bharatiya Nyaya Sanhita (BNS) for cheating.
The Anatomy of the Alleged Fraud
According to the detailed complaint, the two accused, who each operate separate fabrication businesses, placed large orders for iron sheets and other steel materials with the complainant's firm. The business transactions occurred over a two-month period, from December 2024 to January 2025. The steel trader stated that while some partial payments were initially made to build trust, a major portion of the payment was deliberately withheld.
"The trust we placed in these business partners was completely misplaced," the firm's owner expressed with disappointment. "They made some initial payments, which led us to believe in their credibility. However, they later defaulted on the remaining amount, which is a very substantial sum for our business."
Breakdown of the Financial Claims
The complaint provides a clear financial breakdown of the alleged fraud. The first industrialist, who runs a fabrication company, is said to have ordered materials worth Rs 1.73 crore. After making a partial payment, he allegedly left an outstanding balance of Rs 1.18 crore unpaid.
The second accused, also a fabrication business owner, reportedly purchased goods valued at Rs 60.13 lakh. He paid a portion but left a dues of Rs 11.53 lakh, as per the trading firm's records.
Bounced Cheques and Evasive Tactics
Adding to the severity of the allegations, the steel firm claims that the two industrialists issued post-dated cheques as security for the pending amounts. However, when these cheques were presented at the bank, they were dishonoured due to insufficient funds.
"We were given cheques as a guarantee, but they turned out to be worthless pieces of paper," lamented the owner. His attempts to recover the money were met with evasion and empty promises. "They have completely stopped responding to our calls and messages. We also discovered that they have even shut down their factory premises," he added, describing the frustrating recovery process.
Legal Repercussions and Next Steps
With all recovery efforts failing, the aggrieved steel trader approached the Ahmedabad crime branch to lodge a formal First Information Report (FIR). The police have registered the case under the relevant BNS sections for cheating and have initiated an investigation. This case highlights the risks faced by small and medium businesses in trade transactions and underscores the importance of due diligence, even with established partners. The outcome of the police probe will be closely watched by the local business community in Gujarat.
