Mumbai Police Book Gujarat Firm In ₹4.61 Crore Loan Fraud Case, Siemens Alleges Fund Diversion Instead Of Machinery Purchase
· Free Press Journal
Mumbai, March 28: The Mumbai Police have registered a case of alleged financial fraud involving Rs 4.61 crore against a Gujarat-based company, Sonali Exim Pvt. Ltd., its directors Deepak Gopal Agrawal and Divya Deepak Agrawal, along with alleged machine supplier Bhavesh D. Khetariya, owner of Royal Group in Surat.
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Complaint filed by Siemens official
According to the FIR, the complaint was filed by Vaibhav Gautam Priyadarshi, 39, who serves as Legal Counsel – Litigation at Siemens Financial Services Pvt. Ltd., located on Dr Annie Besant Road, Worli.
Loan application and approval
In January 2024, Sonali Exim Pvt. Ltd., operating from Kohinoor Textile, Ring Road, Surat, approached Siemens Financial Services seeking a loan to purchase a textile machine ‘TT&828 Digital Hi-Speed Shuttleless Rapier Loom’ from Bhavesh Khetariya.
To support their loan application, the accused allegedly submitted receipts showing a margin money payment of Rs 1.53 crore and a proforma invoice dated December 19, 2023, amounting to Rs 6.15 crore (inclusive of GST).
Based on these documents and a site visit by company officials, Siemens Financial Services sanctioned the loan on January 31, 2024, and executed a finance agreement on February 6, 2024.
Loan disbursal and default
Under the agreement, a total of Rs 4.61 crore was disbursed in two instalments via NEFT/RTGS directly to Khetariya’s bank account. The loan was issued under a hypothecation arrangement for the purchase of machinery.
Initially, the Agrawals paid EMIs for three months. However, they defaulted from June 2024 onwards. Despite multiple follow-ups by company officials, the accused allegedly provided assurances but failed to resume payments.
False claims about machinery
During subsequent meetings in Surat, the accused allegedly claimed that the machinery was manufactured in China and that its delivery from Zhejiang Zhuji Import and Export Co. Ltd. had been delayed. Khetariya further claimed that the required payment for the machinery had already been made to the said Chinese company.
However, as per the FIR, the accused later admitted that the loan amount had not been used for purchasing machinery and was instead diverted for personal use. No machinery was procured, and the loan remains unpaid.
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Following the alleged fraud, Siemens Financial Services approached the 62nd Court in Dadar, Mumbai. Acting on the court’s direction, the Worli Police have registered an FIR under relevant sections of the Bharatiya Nyaya Sanhita (BNS) Act, and have initiated further investigation into the case.
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