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Noida CA Arrested in Bengaluru for Rs 168 Crore Fake Bank Guarantee Scam

Last updated: 29 March 2024

The Bengaluru police have apprehended a Noida-based Chartered Accountant, Ashish Roy, also known as Ashish Saxena, for his alleged involvement in a fraudulent scheme totaling Rs 168 crore. Roy, aged 45, was detained by immigration authorities at Delhi's Indira Gandhi International Airport upon his return from Kuwait.

The arrest comes after a lookout notice was issued against Roy by Bengaluru Police in February. The investigation unfolded when a complaint was lodged by an official from the National E-Governance Services Limited, exposing the duplicitous nature of electronic bank guarantees submitted by several companies.

Noida CA Arrested in Bengaluru for Rs 168 Crore Fake Bank Guarantee Scam

According to police findings, Roy exploited his professional connections to approach chartered accountants and financial advisors of these private companies, offering them fake e-bank guarantee certificates. In return, he allegedly received a staggering Rs five crore in commission.

Nine out of the eleven affected companies are headquartered in Bengaluru, underscoring the magnitude of the scam's impact on the city's business landscape. Shockingly, investigations reveal that Roy orchestrated the entire operation from Kuwait, with an accomplice who remains at large.

In a raid conducted by the authorities, significant evidence was seized from Roy's possession, including two laptops, six mobile phones, and ten chequebooks linked to various bank accounts.

This incident sheds light on the vulnerabilities within financial systems and the importance of stringent checks and balances to prevent such fraudulent activities. The apprehension of Ashish Roy serves as a stark reminder of the consequences awaiting those who engage in deceitful practices, reaffirming the commitment of law enforcement agencies to uphold justice and safeguard economic integrity.

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