HYDERABAD: The Cyberabad Economic Offences Wing (EOW) has launched an investigation into a financial fraud case where Himalayan Foil Solutions, a city-based trading firm dealing in aluminum foils and PPE kits, was allegedly defrauded of over ₹5.73 crore. The core of the deception involved two firms—Sri Sai Ram Enterprises (a Kukatpally stitching unit) and Uni Cotton Apparels Exports—and M. Sandhya, identified as the managing partner of the former and a director of the latter. The accused reportedly approached the firm’s director in 2020, convincing them to invest the large sum with the promise of a hefty 2% monthly return. The funds, they claimed, were necessary to execute lucrative purchase orders for uniforms and garments from “reputed institutions.” Initially, the accused issued cheques and receipts to provide a false sense of security.
The Mechanics of Deception: Fake Orders and Forgery
The fraud escalated beyond a simple investment deal. Himalayan Foil Solutions was allegedly lured into the scheme by being shown fake business orders. A key element of the deception was the claim that investments, which included money raised through loans secured against mortgaged property, would finance these orders. However, the returns quickly dried up. While ₹1.2 crore was reportedly repaid initially, subsequent cheques issued by the accused to the complainant later bounced immediately raising suspicion. A verification process confirmed a deeper layer of criminal activity: the accused had allegedly forged GST invoices and fabricated purchase orders, falsely purporting them to be issued by Himalayan Foil Solutions, to successfully obtain loans from various banks and other financial institutions.
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EOW Registers Case Against Key Individuals and Firms
Based on the official complaint, the Cyberabad EOW has formally registered a case. The charges are leveled against Sri Sai Ram Enterprises, Uni Cotton Apparels Exports, and M. Sandhya under relevant sections pertaining to cheating and forgery. M. Sandhya is believed to be a central figure in the operation, holding key positions in both accused firms.
Financial Trail Under Scrutiny
The EOW investigation is now actively underway, focusing on tracing the financial trail of the misappropriated funds. Officials have stated that a primary objective is to verify whether the fraud was an isolated incident or if other firms or individuals were involved in the sophisticated racket. Investigators are meticulously examining all financial records and transactions related to the firms and the involved parties. Further legal and punitive action will follow once the EOW’s extensive financial investigation is concluded and all evidence has been comprehensively gathered and verified.
