Kolkata businessman detained in fraud case on basis of Delhi Police look out circular

NetIndian News Network

New Delhi, February 22, 2015

A Kolkata businessman, Shibaji Panja, was detained by the immigration authorities at the Kolkata airport yesterday on the basis of a look out circular issued by the Economic Offences Wing (EOW) of the Delhi Police against him in a case of alleged forgery ad cheating involving an amount of Rs 18 crore.
Media reports from Kolkata said the businessmen was close to West Bengal Chief Minister Mamata Banerjee and had, in fact, accompanied her on her three-day Bangladesh visit. He was detained on his return from that trip.
A press release from the EOW said Panja was a director of R P Infosystems Ltd, a company engaged in the manufacture and sale of computers, which had taken a oan of Rs 18 crore from IFCI Factors Ltd.
The release said the loan was availed of on the basis of forged documents and the amount was not repaid.
"The purchase order, invoices, ferry receipts, acknowledgement notes all had been forged to obtain the loans. The officials of the buying firms also corroborated the same as they had never entered into such agreement. Thus the alleged firm hatched a well planned conspiracy to cheat the complainant firm and forged the documents for the same. In view of apprehension that the directors of the alleged firm may try to run away, the immigration authorities all across the country were put on alert and a look out circular (LOC) was issued. On 21th February, one the directors of the firm, Shibaji Panja, was apprehended by Kolkota authorities at the airport," it said.

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