Bengaluru: The owner of a city-based iron and steel company has accused a Hosur-based company of duping him of crores of rupees, and filed a complaint of criminal breach of trust and cheating at the Wilson Garden police station on Tuesday.
The police have booked cases against the heads of Pressco Products, Sapath and Vadivelu Natesan, based on the complaint filed by Manohar Singh. The complainant told the police that his company had sold goods worth Rs 6.8 crore to Presscom Products. However, the heads of the company, Sapath and Vadivelu Natesan, failed to pay the money even after the due date was passed.
When Mr Singh demanded the money, the duo told him that their company had run into huge losses and could not pay the dues. They, instead, offered to sell 12 acres of land on the outskirts of the city registered in Presscom’s name.
They told Mr Singh that they owe him Rs 6.8 crore, but the value of the land was Rs 9.3 crore. They asked Mr Singh to pay the difference amount and get the land registered in his name. Mr Singh paid them Rs. 1.1 crore and the agreements and land records were handed over to Mr Singh.
When Mr Singh checked the papers, he found that the land has already been pledged with a nationalised bank as a collateral surety to take a loan. He then approached the police and lodged a complaint against Presscom stating the company duped him of Rs. 8 crore. The Wilson Garden police are investigating.
