- High-Stakes Plot Unraveled: Electrotherm Limited’s executives, including Shaillesh Bhandari, allegedly orchestrated a complex scheme involving the abduction of an employee over a Rs 400 crore bank loan.
- The Allegations: It’s reported that after securing a whopping Rs 632 crore loan from various public sector banks through fraudulent billing, Electrotherm’s top brass resorted to desperate measures. An employee was allegedly abducted and threatened with dire consequences to secure more funds.
- The Complicated Web: The case, spanning over five years, involves allegations of financial irregularities and flouting of Supreme Court orders. Bhandari, along with two IPS officers, three DySPs, and a PSI, among others, have been named in the complaint filed with Kutch police.
- The Accusations: Parmannand Shirvani, the complainant, alleges that Bhandari and his brother Mukesh Bhandari coerced him into forming a shell company. However, when Electrotherm faced scrutiny over a bogus billing scam akin to the one that secured the Rs 400 crore loan, threats ensued. Parmannand claims he was forced to resign from his job to save his life.
- The Unraveling Drama: Following the loan acquisition, a chilling atmosphere pervaded as Electrotherm’s management reportedly resorted to intimidating tactics. Threats to family members, confiscation of assets, and forcing signatures on blank papers were alleged.
- The Legal Maneuvering: Parmannand and his wife were allegedly subjected to continuous harassment and coercion. Despite filing complaints with the Adipur Police, little action was taken initially. However, upon intervention by the High Court, FIRs were registered against the accused, including 6 police officers.
- The Fallout: The victim, with the help of security personnel, managed to escape, bringing to light the alleged malpractices within the company. The case has now escalated to the Supreme Court, as Parmannand seeks justice against the powerful individuals involved in the scandal.
- Conclusion: The case sheds light on the murky world of corporate fraud and highlights the challenges faced by whistleblowers in bringing powerful entities to justice. As investigations continue, the truth behind Electrotherm’s alleged wrongdoing will hopefully come to light, bringing closure to the victims and accountability to the perpetrators.
ElectroTherm’s Managing Director Shaillesh Bhandari, along with 2 IPS officers, 3 DySPs, and a PSI, face allegations of abduction in connection with a plan to secure a bank loan of Rs. 400 crore by creating a bogus company.
In a stunning turn of events, employees of ElectroTherm Limited allegedly abducted a complainant following the exposure of fake billing and a bank loan amounting to Rs. 632 crore with various government banks. The incident has prompted a police complaint in Kutch, where Bhandari and 18 others, including IPS officers, are named.
The complainant, Paramanand Shirvani of Anjar, alleges that Shaillesh Bhandari, the Managing Director of ElectroTherm, and his brother Mukesh Bhandari had coerced him into establishing a company under false pretenses. However, after the loan was secured under bogus billing, Paramanand Shirvani resigned from his job, fearing for his life.
The scheme involved obtaining a loan of Rs. 400 crore over 8 years, during which the complainant was allegedly kidnapped at gunpoint by ElectroTherm company personnel, threatened with death, and forced to sign documents, including blank papers, under duress. ElectroTherm’s management and staff have been implicated in the incident. Furthermore, police officials responsible for oversight failed to take action, in violation of High Court orders.
Paramanand, along with his wife, was allegedly coerced into becoming a director and signing rental agreements. Amidst these allegations, Paramanand resigned from his job. He was then called to Ahmedabad for questioning, where he was allegedly held captive in Bhandari’s bungalow, office, and farmhouse for five days. During this time, Paramanand was allegedly subjected to continuous harassment, including forced signature on blank papers and transfer of Rs. 45 lakh from his wife’s bank accounts. The entire incident culminated in an alleged abduction attempt.
With the help of security personnel, Paramanand managed to escape to Ahmedabad and receive medical attention for his deteriorating health. However, despite his attempts to seek justice through the High Court, his petition was dismissed. In response, Paramanand filed a complaint with the Supreme Court, seeking action against the MD, employees, and six police officials involved. The Supreme Court has now ordered an inquiry into the matter. Stay tuned for further updates on this developing story.