Delhi Businessman Apprehended in Major Gurgaon Financial Fraud Case
In a significant development in corporate fraud investigation, a Delhi-based businessman has been arrested for allegedly orchestrating a sophisticated financial scam that cheated a Gurgaon technology firm of more than Rs 57 crore. The elaborate scheme involved raising loans through letters of credit for equipment purchases and subsequently defaulting using forged documentation.
Details of the Alleged Fraud Scheme
Gaurav Goyal, a 38-year-old businessman from Delhi, stands accused of utilizing counterfeit purchase bills, fabricated transport documents, forged e-way bills, and bounced cheques to divert substantial funds. The fraudulent activities were conducted under the guise of procuring solar panel components and semiconductors from RAH Infotech, a technology firm based in Gurgaon.
According to police investigations, the fraud was executed through multiple interconnected companies associated with the Goyal Group. Representatives from two specific entities within this network—HQ Lamps Manufacturing Company and Goyal Lighting—approached RAH Infotech Private Limited with proposals to purchase equipment. These representatives provided assurances of payment through letters of credit and claimed the purchased goods would be routed through GH2 Solar Limited.
Financial Transactions and Bounced Cheques
The investigation revealed that the companies involved later issued cheques worth Rs 35 crore and Rs 27 crore respectively. Both of these substantial cheques ultimately bounced due to insufficient funds in the accounts. The total amount implicated in this alleged fraud reached Rs 57 crore, with Rs 5 crore having been paid as an advance during the transaction process.
Forensic examination uncovered that the accused had created completely forged receipts, transport bills, and e-way bills to simulate the movement of goods that never actually occurred. Funds released through the letters of credit were allegedly diverted through this elaborate network of fabricated documentation.
Investigation and Arrest Details
A formal case was registered under relevant legal sections at the Sector 50 police station in Gurgaon. Recognizing the complexity and financial magnitude of the case, authorities transferred the investigation to the specialized Economic Offences Wing for more thorough examination.
Through meticulous technical surveillance and intelligence gathering, EOW-II teams successfully apprehended Gaurav Goyal from Greater Noida on Thursday. During preliminary interrogation, the accused disclosed that he owns VG Electronics and manages operations for HQ Lamps and Goyal Lighting, both of which are owned by his father, Rakesh Goyal.
An investigating officer provided crucial details: "Approximately Rs 56 crore was paid to GH2 Solar through letters of credit. From this substantial amount, about Rs 18 crore was transferred to the bank account of VG Electronics, the company owned by the accused."
Broader Implications and Continuing Investigation
This case highlights several concerning aspects of corporate financial fraud:
- The sophisticated use of multiple interconnected companies to execute fraudulent transactions
- The creation of comprehensive forged documentation to simulate legitimate business activities
- The exploitation of financial instruments like letters of credit for fraudulent purposes
- The substantial financial impact on technology firms operating in the Gurgaon region
The Economic Offences Wing continues its detailed investigation into the complete network of transactions and individuals involved in this complex financial fraud case. Authorities are examining all financial trails and documentation to build a comprehensive case against all parties involved in the alleged Rs 57 crore scam.
