HYDERABAD: Central Crime Station (CCS) sleuths on Saturday arrested K V
Rama Vidya Sagar
, managing director of VM Coalogix Pvt. Ltd, for
cheating
a Visakhapatnam-based company to the tune of Rs 9.14 crore.The team arrested him in Mumbai and seized Rs 4.50 lakh cash and documents.
The Jubilee Hills police received a complaint from Anand Bakki on February 27 alleging that VM Coalogix had purchased steam coal in bulk from
Gimpex Ltd
. between August 2011 and May 2012, but failed to make payments. The case was transferred to CCS in February 2017.
Officials said the two companies had a deal that Coalogix would make payments after receiving material from customs. The firm took over the goods at
Visakhapatnam port, sold it to various parties and went absconding without paying Gimpex. A non-bailable warrant was issued against Vidya Sagar in 2015 by a special magistrate of Erramanzil. Police booked a case under section 406 (criminal breach of trust) and 420 (cheating) of the IPC.
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