Pharma Company CMD held for defrauding investor of Rs 70 crore
Fraud
Noida: The chairman and managing director of a pharmaceutical company has been arrested from Bengaluru for allegedly defrauding an investor of Rs 70 crore six years ago, Noida police said on Thursday.
The pharma company has offices in Dubai and Chennai while the investor, a Delhi resident, runs a firm in Noida’s Sector 18.
Shakir Hussain alleged that he was tricked into investing money into Novo Health Care in 2017, 2018 and 2019 and was shown forged balance sheets of the company by the accused, Ramani Kalpati Ramachandran Venkata, a native of Chennai, according to the FIR.
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Original news source: https://www.ptinews.com/story/national/noida-police-arrests-cmd-of-pharma-firm-from-bengaluru-for-defrauding-investor-of-rs-70-crore/1342599
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