Ahmedabad police’s Economic Offences Wing (EOW) has nabbed a Surat industrialist named Vikas Sharma over a major pharmaceutical raw materials scam worth Rs 8.5 crore. Sharma, who runs a business in the sector, had been dealing with a local trader, Sagar Desai, for about two to three years.
At first, Sharma built trust by paying bills on time. But then he stopped, leaving Desai high and dry after ordering goods worth Rs 8.5 crore. When Desai followed up, Sharma handed over cheques that all bounced, sparking the fraud complaint.
Cops say Sharma has a shady past with money matters. He already faces four fraud cases in Maharashtra and one more with Ahmedabad’s EOW. Interestingly, authorities caught him while he was already locked up in Central Jail on another charge. Now, they’ve formally arrested him in this case and plan to take him to court soon for custody.
The EOW team is digging deeper, following the money trail and checking if Sharma’s partners played a role in the scam. This bust highlights how Gujarat’s EOW tackles white-collar crimes head-on, from big financial frauds and Ponzi schemes to bank scams, cyber fraud, and company irregularities.
As part of the state police, the EOW hunts down fake firms, tracks stolen funds, and teams up with banks and regulators to protect everyday people and investors. In Gujarat’s booming business scene, they make sure crooks face the music for cheating and forgery.
Lately, the EOW has scored big wins against financial crimes. They busted a massive Rs 2,700 crore GST input tax credit fraud using over 1,500 shell companies. Another probe uncovered bogus ITC claims through 200 fake firms across cities. In Navsari, they exposed a Rs 12 crore corruption racket in water projects, leading to 11 officials’ arrests. And in Ahmedabad, they cracked a land forgery scheme where three suspects used fake papers and dummy accounts to grab property.
These successes show the EOW’s key role in fighting fraud, corruption, and economic crimes across Gujarat.
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