Chhatrapati Sambhajinagar: The directors of the companies which supply cotton thread in the country and abroad cheated the industrialist of the city to the tune of Rs 12.64 crore.
A case was registered against Chirag Vinod Kumar Pitti and Praveen Shelley (both of Mumbai) with MIDC Cidco Police Station after the industrialist lodged a complaint to the Economic Offenses Wing (EOW) of police.
Shyam Agrawal (45) owns Riddhi Siddhi Cotex Pvt Ltd and Rishi Fibers Pvt Ltd. He does cotton business across the country through these companies. In 2018, he got acquainted with Chirag and Pitti through an agent Shyam Niwaskar.
Both of the accused told the complainant that they were engaged in the business of supplying cotton yarn internationally through their companies- Pitti Industries, Helios Mercantile, Platinum Textiles, Vallabh South West Industries and SVP Global Ventures. Agrawal trusted them after going through the information updated on the company's website. Both the parties signed a contract for the deal.
As per the contract, the payment will be made within 15 days after the supply of cotton. Moreover, it was decided that 18 per cent interest will be charged in case of delay. Agrawal supplied them with bales of cotton between 2018 and 2022. However, as the bales were getting delayed, Agrawal was asked by the accused to store more goods in their godown at Jhalawar, Rajasthan. They promised him that they would take goods as per requirement.
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Accused emptied godown
Agrawal supplied them with nearly 5,000 quintals of cotton bales worth 14.88 crores. However, they stopped sending money to him. The accused manufactured a threat from goods and sold it. Agrawal went to the godown and found that the accused emptied its goods. The accused informed the complainant they did not receive cotton goods. They also abused him when demanded payment. After the industrialist lodged a complaint with EOW, a case was registered against Pitti and Chirag.