Hyderabad: Champion Finsec directors held for cheating T Subbirami Reddy
Chetan Balubai Patel, 48, and Harshawardhan Avinash Pradhan, 40, cheated Reddy by selling the pledged shares (32,50,000) in the open market without the knowledge of the complainant.
By Newsmeter Network Published on 9 Nov 2021 3:55 AM GMT
Hyderabad police's Central Crime Station arrested two directors of Mumbai-based Champion Finsec Limited for cheating businessman politician T Subbirami Reddy.
Chetan Balubai Patel, 48, and Harshawardhan Avinash Pradhan, 40, cheated Reddy by selling the pledged shares (32,50,000) in the open market without the knowledge of the complainant.
T. Indira Reddy, the wife of T. Subbarami Reddy, Promoter and Chairperson of Gayatri Projects Limited (GPL), Hyderabad, had filed a complaint with the police. She is engaged in infrastructure and highway development.
According to the complaint, Harshawardhan Avinash Pradhan and Chetan Balubai Patel of Champion Finsec Limited (CFL) offered to arrange a loan and sought one percent commission. GPL agreed to take a loan of Rs. 11, 50, 63,575 against the 69, 63,000 shares with each valued Rs.33.05.
GPL pledged only 32, 50,000 shares with CFL as collateral vide Master Loan Agreement on June 17, 2021. As per the terms of the agreement, the loan amount in proportion to the shares pledged was to be transferred to the GPL account on or before July 12, 2021.
But CFL did not transfer the loan amount to the GPL account. It was found that the CFL illegally invoked the pledged shares and sold them in the open market. The complainant requested to initiate appropriate action against the duo.
A case was registered under section 406, 420 of IPC. The duo was arrested.
