Ahmedabad, Sep 25 (NationPress) The Economic Offences Wing (EOW) of Ahmedabad Police has apprehended a Surat-based entrepreneur, Vikas Sharma, in relation to a significant fraud involving pharmaceutical raw materials estimated at Rs 8.5 crore. As stated by the ACP of the EOW, Sharma had engaged in transactions concerning pharmaceutical raw materials with complainant Sagar Desai for the last two to three years.

To build Desai's trust, Sharma initially made timely payments; however, he soon defaulted on shipments worth crores. Authorities indicated that after placing orders for raw materials valued at approximately Rs 8.5 crore, Sharma began issuing cheques that subsequently bounced.

Despite numerous follow-ups from the complainant, Sharma failed to clear the outstanding payments. Investigations uncovered Sharma's troubling history of financial misconduct, as he is already facing four cases in Maharashtra and another one at Ahmedabad EOW.

Even while in judicial custody at Central Jail, he was formally arrested in this case. The ACP (EOW) confirmed that Sharma has been charged and will be presented before a local court for remand.

Authorities are currently tracing the financial trail and examining the potential involvement of other associates in this fraud. The Economic Offences Wing (EOW) in Gujarat is vital in investigating and combating white-collar crimes, which include extensive financial frauds, ponzi schemes, bank scams, cyber-enabled economic crimes, and corporate misconduct.

Operating under the state police, the EOW tracks financial trails, investigates fraudulent enterprises, and takes action against economic criminals engaged in cheating, forgery, and misappropriation of funds.

By collaborating with regulatory authorities and financial institutions, the EOW not only dismantles scams but also protects the interests of investors and citizens, ensuring accountability within Gujarat's rapidly evolving industrial and financial landscape.

In recent years, the Gujarat EOW has successfully resolved several high-profile financial crime cases, such as the Rs 2,700 crore GST input tax credit scam involving over 1,500 shell companies, a multi-city investigation into bogus ITC claims using more than 200 fake firms, a Rs 12 crore corruption scandal linked to Navsari's water supply schemes resulting in the arrests of 11 officials, and a land forgery scheme in Ahmedabad where three perpetrators exploited dummy accounts and counterfeit documents to seize property.

These incidents highlight the EOW's indispensable role in unveiling large-scale fraud, corruption, and white-collar crimes throughout the state.