Pune: Husband, Wife Arrested For Cheating Worth Crores Through Partnership, Managing Companies; Police Suspect More Cases

Chakan, February 13, 2021: Pimpri Chinchwad police have arrested two persons who conspired and duped a businesswoman of crores of rupees under the pretext of partnership and efficiently managing her business.

Based on a complaint from Uma Nidmarty (52), Chakan police station arrested Ravinder Kaur Savadi and Vinayak Savadi on February 12. A judicial magistrate court has remanded them to police custody till February 16.

According to police, the incident took place between May 2019 to August 2020. Nidmarty owned Lectrotek Systems Pvt Ltd. Ravinder Kaur Savadi and Vinayak Savadi operated Revon Engineering Private Limited at Kurli in Khed taluka.

“Chartered accountant Udyen Jain told me that Ravinder Kaur Savadi, Vinayak Savadi and Varun Savadi are right people and will be able to manage my company properly. They convinced me that since the valuation of shares Revon Engineering Pvt Ltd is more than the share value of Lectrotek Systems Pvt Ltd in order to have 50% shares I have to pay Rs 28.43 lakh to Ravinder Kaur Savadi. On 5/02/2019 there was an agreement between me and Ravinder Savadi which was executed at the office of Udyen Jain and Associates at Magarpatta Pune”, Nidmarty stated in her complaint.

It further stated, “According to the agreement both companies Revon Engineering Pvt Ltd Chakan and Lectrotek Systems Pvt.Ltd Pune was to cease to exist and a new company in the name of Avontec Automation Pvt Ltd. I was the Director of Avontec Automation Pvt Ltd, this company was manufacturing Electronic and mechanical parts. As per the agreement, I had deposited Rs 28.43 lakh towards 50% shareholding in Avontec Automation Pvt.Ltd in February 2019. Before starting Avontec I had also deposited Rs four crores in Avontec Automation Pvt Ltd. Ravinder Savadi did not deposit even a single rupee in these accounts. On the other hand, they had illegally transferred money out of the company’s account and also taken away computers and other materials. They have also started a company, Xolertic Asia Pvt Ltd,  which competes with Avontec which is a violation of the agreement. This indicates clearly that Ravinder Savadi, Vinayak Savadi, Udyen Jain, Varun Savadi executed the agreement to cheat me.

I got my company accounts from May 2019 to January 2021 checked by CS Ashutosh Mulgikar and we found that Ravinder Kaur Savadi, while she was Chief Operations Officer, did not pay GST, TDS, PF, ESI. According to the agreement Lectrotek Systems Pvt. Ltd and Revon Engineering Pvt limited will be merged into Avontec Automation Pvt Ltd but we found out that this merger was not implemented.

From 5/2/19 to till date Ravinder Savadi, Vinayak Savadi, Varun Savadi, Udyen Jain and Narendra Marathe had conspired together to say that they will manage Lectrotek Systems Pvt Ltd efficiently and also showed the share value of Revon Engineering to be more than share value of Lectrotek Systems and made me pay Rs 28.43 lakh to get 50% stakeholding in Avontech Automation Pvt Ltd. By showing fraudulent balance sheets and executing an agreement to merge Lectrotek and Revon into Avontec all five of them cheated me”, the FIR states.

The case was registered on January 5 against Ravinder Savadi, Vinayak Savadi, Varun Savadi, Udyen Jain and Narendra Marathe. They have been accused of offences under sections 201, 380, 381, 406, 408, 417, 420, 426, 447, 465, 467, 468, 471, 477, 506, 34 of the Indian Penal Code and other relevant sections of the Information Technology Act.

Police officials said that they are investigating if the accused persons are involved in cheating more people as similar complaints have been lodged by two other companies also for corporate embezzlement and fraud. It seems they have been swindling foreign companies looking to set up in India, police said.