Lucknow – October 17: In a major financial fraud case, Sunil Kumar Bhatia, a Delhi resident, has been arrested for allegedly defrauding ₹66 crore from the Pradeshik Industrial & Investment Corporation Limited (PIICL), Lucknow, using forged documents. The Economic Offences Wing (EOW) apprehended him from his residence in Ashok Vihar, Delhi on Thursday.
The case was originally registered in 2004 at Gomtinagar Police Station, and the EOW has been investigating the matter for over two decades. Bhatia’s arrest comes after persistent efforts by the investigative team to locate the accused.
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Modus Operandi: Fake Company and Loan Manipulation
According to EOW officials, Bhatia orchestrated the fraud through Messrs Ruhilkhand Agro Private Limited, a company registered at Paivachan, Chawri Bazaar, Delhi. The company’s promoters, directors, and guarantors applied for a loan in 1993, submitting fabricated documents to obtain financial assistance from PIICL.
Based on these falsified records, PIICL approved a loan of ₹66 crore. Investigations later revealed that the company existed only on paper, and no loan installments were ever paid. The misuse of official documentation and deliberate misrepresentation led to the formal case being lodged against Bhatia and other associates in 2004.
EOW Investigation and Arrest
Following the complaint, the State Government handed over the investigation to the EOW, which identified three accused as responsible for the financial irregularities. Over the years, the EOW team has been tracking Bhatia and his associates across multiple locations.
On Thursday, officials successfully apprehended Bhatia from his Ashok Vihar residence in Delhi. Investigations are ongoing to locate the remaining accused involved in the multi-crore fraud.
Impact and Significance
The arrest underscores the long-term and systematic efforts required to tackle white-collar crimes. The case demonstrates how fraudulent practices, such as forged documents and paper-based companies, can be used to manipulate large financial institutions and siphon funds.
Authorities have also seized key documents and records that could reveal the flow of funds and other potential beneficiaries. The EOW plans to conduct further forensic audits and investigations to ensure full accountability and prevent similar scams in the future.
Key Case Details
- Accused: Sunil Kumar Bhatia, Delhi
- Crime: Fraud via forged documents, ₹66 crore embezzlement
- Company: Messrs Ruhilkhand Agro Private Limited
- Loan Amount: ₹66 crore
- Investigating Agency: EOW, Uttar Pradesh
- Case Registered: 2004, Gomtinagar Police Station
- Arrest: 2025, Ashok Vihar, Delhi
