Gurgaon: A Delhi-based businessman was arrested for allegedly cheating a technology firm of more than Rs 57 crore by raising loans through letters of credit for the purchase of equipment, and then defaulting using forged documents.Gaurav Goyal (38), allegedly used fake purchase bills, transport documents, e-way bills, and bounced cheques to divert funds in the name of procuring solar panel components and semiconductors from RAH Infotech. Police said the fraud was carried out through multiple companies linked to Goyal Group. According to the complaint, representatives of HQ Lamps Manufacturing Company and Goyal Lighting, both part of the Goyal Group, approached RAH Infotech Pvt Ltd to buy the equipment. They assured payment through letters of credit and claimed the goods would be routed through GH2 Solar Ltd. Police said the companies later issued cheques worth Rs 35 crore and Rs 27 crore, both of which bounced due to insufficient funds. The total amount involved in the alleged fraud is Rs 57 crore as Rs 5 crore was paid as an advance. Investigators found that forged receipts, transport bills, and e-way bills were created to show movement of goods that never occurred. Funds released through letters of credit were allegedly diverted. A case was registered under relevant sections at Sector 50 police station, and the probe was transferred to Economic Offences Wing (EOW). Based on technical surveillance and intelligence inputs, EOW-II teams arrested Goyal from Greater Noida on Thursday. “During preliminary interrogation, the accused said he owns VG Electronics and manages operations of HQ Lamps and Goyal Lighting, which are owned by his father Rakesh Goyal. Around Rs 56 crore was paid to GH2 Solar through letters of credit, of which about Rs 18 crore was transferred to the bank account of VG Electronics,” an officer said.
