Director Arrested for Alleged Rs 1.4 Crore Fraud in Gurgaon

The director of a park development company was arrested by the Gurgaon police’s economic offences wing for allegedly defrauding a private jet rental firm of Rs 1.4 crore. Rakesh Sharma, 42, was apprehended in Jaipur following an investigation into the alleged scam, which reportedly involved misleading business practices and unfulfilled agreements.

Sharma, an MBA graduate and resident of Sector 42 in Gurgaon, is the director of World Wide Zoo Developers Private Limited. The company is known for its extensive park development projects in both India and abroad. The case began on March 27, when Sharma allegedly approached Windborne Air Private Limited, a firm specializing in charter jet rentals.

According to police reports, Sharma claimed that his overseas clients frequently required chartered flights for travel to and from India. Seeing a lucrative business opportunity, a representative from Windborne Air agreed to Sharma’s proposal and transferred Rs 2.4 crore to the account of World Wide Zoo Developers on April 15. Despite the financial transaction, police stated that no business activity or supporting documentation followed.

When the complainant sought a refund, Sharma issued a cheque that bounced due to insufficient funds. Subsequently, on May 6 and 7, Sharma’s company returned Rs 1 crore, but the remaining Rs 1.4 crore was not repaid, prompting the police complaint. The complaint was formally lodged on August 25 and subsequently investigated by the economic offences wing II.

Following a preliminary inquiry, a case was registered at the Rajendra Park police station under sections related to fraud and criminal breach of trust. “During preliminary interrogation, the accused admitted to receiving the funds from the complainant under the guise of a business deal and not fulfilling the agreement,” said ASI Sandeep, a police spokesperson. He added that Sharma had lured the complainant with promises of high returns through a charter plane contract.

The investigation remains ongoing, with police examining additional details of the business deal and the company’s financial transactions. The case highlights the growing concerns regarding fraudulent practices in the business sector, particularly in areas involving large financial transactions. Authorities are urging companies and individuals to conduct thorough due diligence before engaging in financial agreements.