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CA who duped petrol pump owner of Rs 1 crore nabbed

Thursday, November 08, 2018
By Zuber Ansari

After chasing him for more than eight months, the MIDC police arrested a 67-year-old chartered accountant, who is alleged to have duped a 72-year-old man of Rs 1 crore.

The accused, identified as Kiran Shah, was nabbed last week and sent to police custody by the Bandra Metropolitan Magistrate Court, before being produced on Wednesday.

According to the MIDC police, the complainant, identified as Tarasingh Nagpal, a petrol pump owner, had approached the police in 2016 after which Shah and his accomplice Rahul Kapoor absconded to escape arrest.

As per police reports, Nagpal, the petrol pump owner's financial affairs were being looked after by his two accountants Sanjeev Malhotra and B K Gupta for a long time. In January 2015 the duo had introduced Nagpal to Shah. Shah later requested Nagpal to invest money to save Kapoor’s firm Trinity Multi trade Pvt Ltd, which was going through a bad phase.

Nagpal gave Shah Rs 1 crore after an agreement was signed wherein Shah and Kapoor promised to pay the loan within a month. A loan agreement and a promissory note to this effect was signed by both parties.

“Kapoor had agreed to pay an interest of 21 per cent per annum, apart from keeping a flat in an under-construction building as a security. We found nothing suspicious initially but later during the course of time, the duo kept on delaying the payment and did not pay a single penny. Later they began issuing cheques to us which kept on bouncing as they were bankrupt. We later discovered that the duo began ignoring the calls and so we approached the police. After absconding for six months both were arrested by the MIDC police,” said Karan Nagpal, son of Tarasingh.

“Kapoor's  anticipatory bail application in the High Court was rejected so he is currently serving is jail sentence. We arrested Shah last week and have registered a case under Sections 420,406,465,488,471, 75 and 34 of the Indian Penal Code. We are figuring out how to compensate the complainant as the accused have no assets to dispose as of now. The case is being investigated and Shah has been sent to custody till Monday,” said a police officer from MIDC police station.

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