A significant case of alleged financial fraud has emerged from Jamnagar, Gujarat, where a local businessman has filed a police complaint against the directors of a Uttar Pradesh-based company for misappropriating over Rs 73 lakh. The Jamnagar City C Division police station registered the case on Saturday based on the complaint.
Details of the Complaint and Accused
The complainant has been identified as Raju Modhwadia, a 51-year-old resident of Krishnanagar. Modhwadia is a partner in the firm Vijay Construction. In his formal complaint, he has named H L Saxena, the director of Saxena Marinetech Private Limited, and Atul Srivastava, its executive director, as the primary accused.
The police have registered a case under Sections 406 (criminal breach of trust), 114 (abettor present when offence is committed), and other relevant sections of the Indian Penal Code. The allegations center on cheating and a serious breach of trust in a business transaction related to a government contract.
The Contract and Alleged Financial Misconduct
The sequence of events began in September 2022 when Vijay Construction successfully secured a contract from the Military Engineer Services (MES) through a tender process. To fulfill a part of this contract, which involved constructing a pre-engineered building (PEB) hangar, the Jamnagar firm entered into a memorandum of understanding (MoU) with Saxena Marinetech Pvt. Ltd.
The accused company is based in the Surajpur Industrial Area of Greater Noida, Uttar Pradesh. As per the agreed terms, Vijay Construction transferred a substantial sum of Rs 1.14 crore to Saxena Marinetech's account. This payment was made via RTGS from Vijay Construction's Bank of Baroda account in Jamnagar and was intended for the procurement of fabrication materials.
The Core of the Fraud Allegation
The crux of the complaint lies in the alleged mismatch between the payment made and the materials supplied. According to Raju Modhwadia's police filing, Saxena Marinetech supplied materials worth only Rs 40.42 lakh against the total payment of Rs 1.14 crore.
This left a staggering deficit of Rs 73.57 lakh. The complainant states that despite numerous follow-ups and requests, the Uttar Pradesh-based company neither supplied the remaining materials nor refunded the outstanding amount. This failure to adjust or return the funds forms the basis of the cheating and criminal breach of trust charges.
Police authorities have confirmed that an investigation is now actively underway. Officials will be examining the MoU, bank transaction records, and communication between the two companies to ascertain the facts. The outcome of this probe will determine the future legal course of action against the accused directors.
