Vice-chairman of Goenka Diamonds arrested for Rs.90 crore fraud

A case of fraud has reportedly taken place between management persons of Goenka Diamond and Jewels Ltd. The vice-chairman of the company, Navneet Goenka has allegedly transferred Rs4.09 crore shares worth Rs90 crore which belonged to Nitin Goenka, his brother and managing director of the company.

Nitin filed a complaint with the police and subsequently the MRA Marg police have arrested Navneet, who will be produced before court on Friday as per the police statement to DNA.

Police officials stated that Navneet took the help of his family in transferring the shares into his mother Nirmala’s demat account. He has taken the help of an advocate and notary, to produce fake documents and forge Nitin’s signature and also produce forged stamp papers. Navneet posed as Nitin in front of bank officials, as per the police.

According to the police, Nitin learnt of this farud when he returned from his trip to Malaysia on November 11. On November 22, upon a visit to the bank, Nitin was informed about the shares being transferred to his mother’s account. Being confident of being cheated, he has filed a complaint against his brother, father and mother and the company accountants.