GURGAON: A ₹57-crore commercial dispute that began with letters of credit for high-value equipment has unfolded into a criminal investigation, with police alleging forged documents, bounced cheques and the diversion of funds through a web of related companies.
A Transaction Built on Letters of Credit
The case centres on a proposed equipment purchase in which representatives of HQ Lamps Manufacturing Company and Goyal Lighting, both part of the Goyal Group, approached RAH Infotech Pvt Ltd to supply equipment. According to the complaint, the buyers assured payment through letters of credit, a commonly used instrument in large commercial transactions meant to provide security to sellers.
Investigators said the companies claimed the goods would be routed through GH2 Solar Ltd, positioning the transaction as part of procurement for solar panel components and semiconductors. On this basis, letters of credit were issued and funds were released.
Police allege that while around ₹56 crore was paid to GH2 Solar through these instruments, the underlying movement of goods did not take place as represented.
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Alleged Diversion and Paper Trail
According to officials in the Economic Offences Wing (EOW), a portion of the funds — about ₹18 crore — was transferred from GH2 Solar to the bank account of VG Electronics. During preliminary interrogation, the accused, Gaurav Goyal, told investigators that he owns VG Electronics and manages the operations of HQ Lamps and Goyal Lighting, which are owned by his father, Rakesh Goyal.
Police said forged purchase bills, transport documents and e-way bills were created to show the movement of goods that never actually occurred. These documents, investigators allege, were used to justify the release and routing of funds under the letters of credit.
The fraud, according to the EOW, was carried out through multiple companies linked to the Goyal Group, creating layers of transactions that initially appeared consistent with legitimate commercial activity.
Bounced Cheques and a Growing Dispute
As the transaction progressed, the companies involved allegedly issued cheques worth ₹35 crore and ₹27 crore to RAH Infotech. Both cheques later bounced due to insufficient funds, police said. Investigators noted that ₹5 crore had been paid earlier as an advance, bringing the total amount involved in the alleged fraud to ₹57 crore.
RAH Infotech, faced with unpaid dues and questionable documentation, approached the police. A case was registered at Sector 50 police station, after which the investigation was transferred to the Economic Offences Wing for specialised scrutiny of financial records and digital trails.
Arrest and Ongoing Investigation
Based on technical surveillance and intelligence inputs, EOW-II teams arrested Gaurav Goyal from Greater Noida on Thursday. Police described the arrest as part of an ongoing effort to trace the flow of funds and identify the roles played by different entities and individuals.
Investigators said they are continuing to examine bank transactions, corporate records and digital evidence to determine how the letters of credit were obtained, how the funds were routed, and whether additional parties were involved. The inquiry, officials indicated, remains focused on establishing the factual sequence of transactions rather than drawing conclusions about liability at this stage.
