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Indian Technomac director held in Rs 6000 cr fraud case

CID sleuths on Wednesday arrested a director of Paonta Sahib-based firm Indian Technomac Company Limited in a nearly Rs 6000…

Indian Technomac director held in Rs 6000 cr fraud case

Representational image (Photo: Getty Images)

CID sleuths on Wednesday arrested a director of Paonta Sahib-based firm Indian Technomac Company Limited in a nearly Rs 6000 crore fraud case.

The accused director, Vinay Kumar Sharma, son of IAS officer M L Sharma, a former Deputy Commissioner of Sirmour district, was produced in a local court at Paonta Sahib which remanded him in Police [CID] custody till March 24.

The financial fraud, one of the biggest in the state as per records, was being investigated by the different departments of Himachal Pradesh for the past over four years.

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The company closed the manufacturing operations surreptitiously in March 2014 and its officials disappeared from Jagatpur village of Paonta Sahib, where the unit is situated, allegedly without paying the wages of its staff, EPF, Income Tax, Sales Tax and electricity charges amounting crores of rupees.

The CID team is looking for main accused Rakesh Kumar Sharma, MD of the firm but is not sure whether he has fled the country.

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