Gurgaon police’s Economic Offences Wing has arrested a 24 year old man accused of masterminding a trade credit fraud that allegedly duped more than 20 companies of nearly Rs 3.5 crore by taking goods on credit, selling them in the open market and defaulting on payments through bounced cheques.
How the Alleged Credit Scam Worked
The accused has been identified as Saurabh Goyal, a resident of Sector 5 and proprietor of Pushpanjali Enterprises. Police said the case surfaced after representatives of several firms approached Sector 14 police station on October 7, 2025, alleging systematic cheating involving unpaid consignments and dishonoured cheques.
According to investigators, Goyal and his associates allegedly placed bulk orders for items such as spices, cumin seeds, almonds and other grocery goods from multiple suppliers on credit. Police said the group initially built trust by clearing smaller payments on time, encouraging suppliers to extend larger credit limits.
Once higher value consignments were delivered, however, payments allegedly stopped. The cheques issued by Pushpanjali Enterprises later bounced, causing major losses to the supplying firms.
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Goods Allegedly Sold for Cash, Office Then Shut
Police said that after receiving the goods, the accused allegedly sold them in the open market and collected cash instead of paying the original suppliers. Soon after, he is said to have shut the office, switched off his mobile phones and gone into hiding.
During interrogation, investigators said Saurabh Goyal admitted involvement along with two associates, identified as Manish and Virendra Goyal. According to police, he acknowledged that goods were obtained from several firms and that payments were deliberately defaulted through bounced cheques.
The alleged fraud amount has been estimated at around Rs 3.5 crore so far, though officials said the figure could rise as more complaints and transactions are verified. Police are now examining bank statements, invoice records, delivery documents and payment trails to establish the full scale of the case.
Wider Network Still Under Investigation
After his arrest, the accused was produced before a local court and remanded to five days of police custody for further questioning. Police said efforts are continuing to locate other absconding persons linked to the case.
Investigators believe the matter may be part of a larger organised economic offence involving planned deception and exploitation of trade credit systems. Complaining firms have alleged that the accused consistently followed a pattern of making small timely payments to build credibility before placing larger orders that were never paid for.
Police are also examining whether the group may have carried out similar frauds in other states. Digital transaction records, banking data and invoice mismatches are being scrutinised for links to other cases and additional accomplices. Officials described the arrest as a significant breakthrough but said the wider network behind the alleged scam remains under investigation.
About the author – Rehan Khan is a law student and legal journalist with a keen interest in cybercrime, digital fraud, and emerging technology laws. He writes on the intersection of law, cybersecurity, and online safety, focusing on developments that impact individuals and institutions in India.
