Delhi Woman at the Heart of Multi-Crore Fraud Web: Saraswati Faces Mounting Allegations

In a deeply troubling development revealing the intricate web of financial deception in the capital, Saraswati, wife of S N Sharma, finds herself embroiled in a series of multi-crore fraud allegations, with the most prominent being a staggering Rs 166 crore loan default from Indian Bank. Investigators paint a grim picture, alleging that Saraswati served as a 'front' for her husband, the primary accused and promoter of M/s Satyam Food Processing Pvt Ltd, enabling a sophisticated scheme of financial misdeeds.

The Economic Offence Wing (EOW) of the Delhi Police initiated an FIR against Saraswati and her husband, S N Sharma, following a complaint from Indian Bank.

The bank's accusations are severe: an industrial loan of Rs 166 crore was sanctioned for an industrial unit in Ghaziabad. However, these funds were allegedly diverted, never serving their intended purpose. The complicity extends to the collateral itself; a property jointly owned by Saraswati and her sister was mortgaged, but investigators claim the sister's consent was forged, adding another layer of deceit to the already complex case.

Saraswati's entry into the fraudulent scheme, as per the EOW, dates back to 2011 when she took over as a director of M/s Satyam Food Processing Pvt Ltd from another individual allegedly used as a 'front'.

This shift marked a critical juncture in the company's operations, leading to the substantial loan default that now stands at the center of the investigation.

The current Rs 166 crore Indian Bank fraud is not an isolated incident. Saraswati's name has previously surfaced in other high-profile cases.

In 2017, she was named in a CBI investigation concerning a Rs 1.5 crore fraud alongside her husband and other associates. Furthermore, her alleged involvement extends to several other multi-crore fraud cases linked to different banks through her husband's various companies. These include a Rs 4 crore fraud with Syndicate Bank, a Rs 1.5 crore case with Central Bank of India, and a Rs 7 crore alleged fraud with Union Bank of India, painting a pattern of recurring financial irregularities.

The gravity of these allegations has led authorities to issue a look-out circular against both Saraswati and S N Sharma, effectively preventing them from leaving the country while investigations intensify.

The EOW's ongoing probe aims to unravel the full extent of their alleged criminal enterprise, seeking to bring justice to the defrauded institutions and shed light on the intricate mechanisms of such large-scale financial crimes.