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AAP Vishwas Nagar candidate accused in Rs 155-crore embezzlement case

Singla has said in his 2020 election affidavit that there are no criminal cases against him.

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By Neil Terrance Haslam @neilhaslam90

Deepak Singla is a Aam Aadmi Party candidate from Vishwas Nagar constituency in the 2020 Delhi Assembly elections. As per his profession is concerned, he is a Delhi-based businessman and also a social worker.

His total declared assets are Rs. 10.7 crore which includes Rs. 4.1 crore in moveable assets and Rs. 6.6 crore as immoveable assets. His total declared income is Rs. 15.7 lakh of which Rs. 5.7 lakh is his self income. Deepak Singla’s has total liabilities of Rs. 8.6 crore.

This AAP candidate, in the election affidavit mentioned there are no criminal cases instituted against him, to the contrary ,a First Information Report was lodged upon the complaint by Assistant General Manager, OBC 8.05.2018 against AAP candidate Deepak Singla and Mahesh Timber Private Ltd under following sections 120b, 420, 467, 468, 471 IPC and 13(2) r/w 13(1)(d) Prevention of Corruption Act, 1988 in embezzlement of 155 crores of huge amount

1. Deepak Singla (as per Election Affidavit ) Alias Deepak Singhal (as per MCA records) S/o Mr. Babu Ram Singla having PAN: BBGPS3635D residing at R/O B-40, Madhu Vihar, Delhi – 110092 is an Indian politician and is candidate for AAP for Vishwas Nagar Legislative Assembly of Delhi.

3. It is pertinent to mention that Mr. Deepak has given guarantee for the loan while he was a shareholder and director of Mahesh Timber Private Limited for an amount of Rs 250 crores (in connivance with bank official opened foreign LC, though the sanction of the loan was not there). The loan has been classified as fraud by the Oriental Bank of Commerce for criminal conspiracy, cheating and forgery. A copy of the FIR dated 08 May 2018with CBI is enclosed herewith. This is almost similar case of Nirav Modi and PNB scam.

4. It is very interesting to note that Mr. Deepak has tried to connive with the authority to escape his name from the prime accused in the case.

• Usually the person in charge of the day to day affairs of the company gives guarantee on behalf of the Company.  

• Mr. Deepak is also the director in other companies with existing director/accused of Mahesh Timber Private Limited.

• Mr. Deepak and M/s Portend Services Private Limited registered at B-40, Madhu Vihar, Delhi – 110092 (Residence of Mr. Deepak) collectively held 12,33,000 shares of Mahesh Timber Private Limited. The shares were allotted to Deepak on 24 May 2013 (first at a premium and remaining on face value, both allotment letter enclosed). The shares were transferred on 04 Mar 2016 and the filing with MCA was done on 28 Jul 2018. It can be clearly seen that this considerable delay was just to go backdate to avoid name in the bank fraud.

• As per the ROC record Deepak was appointed on 02 May 2016 as director and the very next date on 03 May 2016 resigned from the board of the company. This time Deepak has made a mistake by going back date.

• Another document available on the MCA website shows that, Bank of Baroda has sanctioned a loan of Rs 4 crores to Mahesh Timber Pvt Ltd on 10 Jun 2016 wherein Mr. Deepak has been made guarantor of the loan as director of the company. The same sanction letter dated 10 Jun 2016 has been accepted and signed by Mr. Deepak. How can a person sign as the director/guarantor after resigning from the company?

• Also, it is interesting to note that, why a person with a returned income of ~Rs 8-9 Lacs will give such a huge guarantee if he is not a director/shareholder. Copy of Sanction letter of Bank of Baroda dated 10 Jun 2016 duly accepted by Deepak is enclosed herewith. (refer clause IV page 3 of sanction letter)  

• The net-worth of Mr. Deepak as per sanction letter as on 31 Mar 2016 is shown as Rs 5.26 crores whereas in the affidavit of 2020 the net-worth is almost negative. How can a net-worth be negative if there is appreciation of income as disclosed in Income Tax Return (as per Affidavit).

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