Police unearths e-Commerce fraud
New Delhi, Aug 8 (UNI) The Economic Offences Wing of the Delhi police has unearthed an e-commerce fraud and arrested the Managing Director of a buying house website for defrauding a client of Rs 60 lakh.
Mr Rakesh Singh, Managing Director of BoomBuying, was arrested on August 4 here allegedly defrauding complainant Mr Sudhir Bajaj of Bajaj Exports of Rs 60 lakh on the false promise of providing him with 37,500 metric tonnes of sugar from various sugar mills for fulfilling an export order to Pakistan.
On March 9, Bajaj Exports and Boombuying Pvt Ltd entered into an electronic agreement for 37,500 metric tonnes of graded sugar, to be delivered within five months.
After the receipt of the money, instead of sending the agreed consignment of 500 metric tonnes of sugar, the accused went under ground.
He was only accessible through email but never disclosed his actual location. He kept asking for more and more time on one pretext or the other and avoided a meeting with the complainant.
During investigations it was revealed that www.boombuying.com was registered in the name of Mr Rakesh Singh.
Printouts and electronic copies of all emails sent by the accused to the complainant were collected and examined.
An analysis of the fund usage of the accused revealed that instead of transferring the fund to a sugar mill for the purchase of sugar as per the agreement, the accused had transferred the amount to his personal bank account in IDBI Bank, Jhandewalan, Delhi.
He had subsequently invested a portion of the funds in mutual funds and moved the balance in his other multilevel marketing venture Ms Pratiksha Enterprises.
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