1 day ago
Delhi Firm Accused of Pitching Fake Indo-US Infrastructure Project
A company in Delhi allegedly told people it was working on a very large project backed by India and the United States.
It showed investors official-looking papers, flags, videos, and other displays to make the project seem real.
Some investors paid money because they were promised large business contracts and profits.
One investor became suspicious and asked India’s Foreign Ministry whether it knew about the project.
The ministry said it had received no such proposal or agreement from the company.
Police then registered a case alleging cheating and forgery.
Three company promoters were arrested and later granted bail after agreeing to repay Rs 2 crore.
Police say the case is still being investigated, and related cases are being examined in Kerala.
VPVV Techno Construction allegedly claimed recognition by the United States government and Department of Defense for an “Indo-US Pacific Peace Treaty” project.
Investors were shown an upscale hotel office, official-looking documents, flags, project videos, and alleged government-linked imagery to support the claims.
Bengaluru-based SRIT India Ltd agreed to pay Rs 1.75 crore after being promised annual work orders worth Rs 500 crore at a 20% profit margin.
An RTI response from India’s Ministry of External Affairs said it had received no proposal or communication from VPVV or its representatives about the alleged project.
Delhi Police arrested three promoters, while seven related cases are also being investigated in Kerala; the accused later received bail after agreeing to repay Rs 2 crore.
- Who
- VPVV Techno Construction Pvt. Ltd., its promoters Venkita Venkat, Hitesh Kumar and Rahul Rajeev Nair, and investors including Sanjiv Rao and Madhu Nambiar.
- What
- The company is accused of using alleged false claims and forged documents to attract investments for a purported Indo-US infrastructure project.
- Where
- The alleged pitches took place at a hotel office in Delhi and at an event in Tuticorin, Tamil Nadu; related cases are being investigated in Kerala.
- When
- The reported events span 2023 through the arrests on August 28 and bail on September 2; the article also cites meetings and video calls in 2024.
- Why
- Investors were allegedly persuaded to provide money by promises of government backing, major work orders, high returns and substantial project funding.
Key facts
- Company
- VPVV Techno Construction Pvt. Ltd.
- Alleged project
- “Indo-US Pacific Peace Treaty” infrastructure and development initiative
- Major investment
- SRIT India Ltd agreed to pay Rs 1.75 crore
- Promised returns
- Annual work orders worth Rs 500 crore with a 20% profit margin
- RTI response
- The Ministry of External Affairs said it had received no proposal, communication or representation from VPVV
- Delhi case
- The FIR alleges cheating, dishonest inducement, forgery and use of forged documents
- Arrests and bail
- Three promoters were arrested on August 28 and granted bail on September 2 after agreeing to repay Rs 2 crore
Quotes
Sanjiv Rao
Investor who said he was persuaded to invest in VPVV’s proposed project
“After recovering my investment, I posted a message on X in good faith, advising prospective investors to conduct proper due diligence. Several people, mainly from Kerala, subsequently contacted me and alleged that they had suffered significant financial and personal losses after investing (in the project) on the promise of unusually high returns.”
indianexpress.com
“The office displayed large Indian and American flags, and photographs of the Prime Minister of India and the President of the US. An employee also presented a detailed 3D video of the proposed project, and the graphics were very convincing”
indianexpress.com
Ministry of External Affairs
Indian government ministry responding to Rao’s Right to Information request
“No such proposal, communication or representation has been received from VPVV Techno Construction Pvt. Ltd. or its representatives by the Ministry of External Affairs.”
indianexpress.com
Sources
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