Hyderabad: Himalayan Foil Solutions loses Rs 5.73 crore in investment fraud; Sri Sai Ram Enterprises under scanner
The accused had used forged GST invoices and fabricated purchase orders
By - Newsmeter Network
Hyderabad: Cyberabad Economic Offences Wing (EOW) has registered a case after a city-based trading firm was allegedly cheated of Rs 5.73 crore in an investment fraud.
Himalayan Foil Solutions was allegedly lured by Sri Sai Ram Enterprises and Uni Cotton Apparels Exports to invest in fake business orders. They later used forged documents to obtain bank loans.
Business deal turns into Cheating Case
According to police, Himalayan Foil Solutions, a company dealing in aluminium foils and PPE kits, entered into a business arrangement in 2020 with Sri Sai Ram Enterprises, which operates a stitching unit in Kukatpally.
The accused, identified as M. Sandhya, managing partner of Sri Sai Ram Enterprises and director of Uni Cotton Apparels Exports, allegedly convinced the firm’s director to invest over Rs 5.73 crore, promising a 2% monthly return.
She claimed the funds were needed to execute purchase orders from reputed institutions for garments and uniforms, and even issued cheques and receipts as security.
Cheques bounce, returns stop
The complainant stated that investments were made in multiple tranches, including money raised through loans secured against mortgaged property. However, only Rs 1.2 crore was repaid. Several cheques issued by the accused later bounced, raising suspicion.
Fake GST invoices and orders found
A verification revealed that the accused had used forged GST invoices and fabricated purchase orders purportedly issued by Himalayan Foil Solutions to obtain loans from banks and other financial institutions.
Based on the complaint, the Cyberabad EOW registered a case against Sri Sai Ram Enterprises, Uni Cotton Apparels Exports, and M. Sandhya under relevant sections of cheating and forgery.
EOW investigation underway
Officials said the EOW is examining the financial trail and verifying whether other firms or individuals were involved in the fraud. Further action will follow once the investigation is complete.
