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Mr Kabit Agarwal proprietor of Pooja Sponge arrested

Steel News - Published on Wed, 06 Dec 2017

Image Source: telegraphindia.com
Telegraph India reported that an industrialist in Keonjhar district's mineral-rich Joda block was taken into custody on Monday on the charge of deceiving a mining company of INR 75 lakh. Mr Kabit Agarwal, proprietor of Pooja Sponge Iron Factory, has been arrested on fraud charge. The arrest was made following a complaint by the SN Mohanty Mines' Company.

Sub-divisional police officer (SDPO), Mr Sriharsha Mishra said that Mr Agarwal was held from his house in Rourkela steel town.

Mr Agarwal had procured mineral ores from the mining company on credit basis from his sponge iron plant. However, he had "wilfully defaulted" to repay around Rs 75 lakh. The police found documentary evidence of the trade deal and non-clearance of the sum, which lead to his arrest.

The transaction dated back to 2007-08. Mr Agarwal had purchased iron ore worth INR 1.14 crore on credit arrangement from the SN Mohanty Mines' company. But the accused defied the terms and conditions of the credit agreement and defaulted in making payment.

Mr Agarwal had cleared INR 39 lakh of the pending credit after the mining company had lodged an FIR against him in 2013. Since then, the accused has been dilly-dallying in settling the credit.

The mining company had lodged a complaint with the Joda police last week. On the basis of recorded evidence of cheating, Agarwal was arrested and forwarded to court. Later, he was sent to jail after a local court dismissed his bail application

Source :

Posted By : Nanda Koijam on Wed, 06 Dec 2017
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