Golden Tobacco, GHCL promoter Sanjay Dalmia held in real estate cheating case

By PTI
09 July, 2014

A top executive of Mumbai-based Golden Tobacco Company (GTC), against whom a Look Out Circular (LOC) was issued in an alleged Rs 540 crore cheating case, has been arrested after being picked up from Kolkata airport while he was trying to flee the country, police said on Wednesday.

GTC chairman Sanjay Dalmia was intercepted by immigration authorities at the Kolkata airport on Sunday, as the LOC had been issued against him by Mumbai police’s Economic Offence Wing (EOW), said Deputy Commissioner of Police KMM Prasanna.

Dalmai was handed over to the EOW, which brought him to Mumbai yesterday and placed him under arrest. He was then produced in a court which remanded him in police custody till July 14, Prasanna said.

In 2012, the EOW booked Dalmia and others under IPC sections 406 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy) and 34 (common intention), police said.

Dalmia’s anticipatory bail was rejected by Supreme Court in March, and he was directed to surrender before a local court in Mumbai by April 11 in connection with the case.

However, he failed to appear before the EOW, police said.

According to FIR against him, the GTC had signed a memorandum of understanding (MoU) with Sheth Developers and Suraksha Realty to develop a plot in 2009. The 14-acre land near Mithibai College was to be bought for Rs 540 crore.

After making a part payment of Rs 132 crore, Sheth Developers learnt that the land had huge liabilities in the form of Income Tax and Central Excise dues. It was also found that it was entangled in several cases involving the land pending with Board for Industrial and Financial Reconstruction (BIFR) and Appellate Authority for Industrial and Financial Reconstruction (AAIFR).

The upset Sheth Developers took up the issue with GTC, which then tried to sell the land to a third party, police said adding Sheth Developers then approached the EOW following which an FIR was registered against Dalmia and others.


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Golden Tobacco, GHCL promoter Sanjay Dalmia held in real estate cheating case

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