Senior Uttarakhand Congress leader Kishor Upadhyay’s brother Sachin Upadhyay has been arrested in Dehradoon today in connection with a fraud case. He was arrested on the basis of an SIT formed to probe the charges against him. The SIT was formed in June last year after allegations against the brother of the Congress leader had surfaced.
The SIT has found that Satish Upadhyay had illegally transferred 50 percent shares of his former business partner Mukesh Joshi which whom he had a joint venture named SM Hospitality Private Limited. He had transferred the shares to his wife’s name by forging Joshi’s signature.
The fraud case was first reported by OpIndia in October 2018, where the detail of the fraud committed by Upadhyay was published. Mukesh Joshi had alleged before the company law board that while he had given a loan of Rs 1.7 crore to the company to purchase land, Sachin Upadhyay didn’t contribute his share. When Mukesh was in hospital following a heart attack caused by financial loss due to Upadhyay’s non-cooperation, Sachin Upadhyay had converted the debt into equity shares, and had allotted the same to his wife, who was made a director of the company by himself. Upadhyay had also removed Mukesh Josh as director of the company on the same day his wife as appointed.
A case has been registered against Upadhyay under sections 420 (Cheating and dishonestly inducing delivery of property), 467 (Forgery of valuable security, will, etc),468 (Forgery for purpose of cheating), 471 (Using as genuine a forged 1[document or electronic record].), 504 (Intentional insult with intent to provoke breach of the peace.) and 120b (criminal conspiracy) of Indian Penal Code 1860 in Rajpur police station of Dehradun in year 2017.