CA dupes textile trader of Rs 3 crore on overdraft loan

Surat: Police have registered a complaint against a Chartered Accountant (CA) for allegedly cheating a textile trader of Rs 3 crore by misusing overdraft loan facility against property from the latter’s bank account.
Complainant Pankaj Jain, 42, a textile trader and resident of Ratan Ansh Apartment in Vesu had met CA Pratik Kumar Meghani, having an office in Varachha’s Hirabaug in 2017.Since Jain was in need of money, Meghani lured him to use overdraft facility against his property to get a loan.
Meghani promised Jain to get him approval of overdraft facility from the complainant’s Axis bank account against his property and also by using his influence on Axis bank officials. He also showed Jain his own cash credit worth Rs 1.5 crore in Kotak bank account.
According to the police, Jain had given property documents of his apartment at Satkarm apartment in Saroli to be mortgaged in Axis bank. On March 28, 2017, the accused had informed Jain that the bank has accepted the documents and that an overdraft loan amounting to Rs 3.1 crore would be approved from the Axis bank.
Police stated that the complainant had to visit Delhi for some personal work and also informed Meghani about it. Meghani asked Jain to submit five letterheads of his firm duly signed for presenting in the bank. However, after his return, Meghani told Jain that the bank has stalled the process of approving his overdraft loan and that it will take some time.
In June 2017, the complainant received a call from his bank asking him to pay outstanding interest on his overdraft loan. When he inquired with the bank, Jain came to know that his overdraft loan was approved and Rs 3 crore was transferred to two other accounts.
Talking with TOI, police inspector of Umara police station, ML Salunke said, “When the complainant realised that he was cheated, he approached the CA and threatened him dire consequence. The CA then paid him Rs 35 lakh interest money and promised to pay the remaining amount soon, which he, however, did not till date. The textile trader then lodged a complaint with the police.”
Salunke added, “The CA is on the run and we have launched a manhunt to arrest him.”