Dinesh Dalmia, the founder of DSQ Software Group, has once again been accused of fraudulent activities. This time, he is alleged to have defrauded nine banks and financial institutions of a staggering 200 crore. Dalmia has denied all the accusations, maintaining his stance as a “victim” and a “scapegoat.”
A forensic audit conducted by six lenders has revealed a weak connection to him. However, a First Information Report (FIR) lodged by Vivriti Capital Limited (Vivriti) on April 6, 2024, in Chennai lists him as the prime accused of criminal breach of trust, conspiracy, cheating, and forgery.
The FIR implicates several individuals, including Dalmia, Gopal Padia, Ramnath Arumugam, Pankaj Dalmia, and Yekulu Venkata Subbiah, Murali Babu, who are part of a group of companies collaborating to deceive Indian lenders.
Vivriti claims that Dalmia used the name Dinesh Kumar during the period to obscure his infamous background, contributing to Vivriti’s lack of awareness.
Gopal Padia, a businessman based in Singapore and the owner of Avemore Pte Ltd, a Singaporean company, held a significant stake and served as a director at RHP. He purported to be a customer of RHP and was involved in the importation of its products, although much of this assertion was later found to be untrue.
RHP had asserted its involvement in the dairy sector, claiming operational facilities in Tamil Nadu and Maharashtra.
RHP defaulted on its loans in August 2023. Vivriti later claimed to have discovered that Gopal Padia had resigned from RHP and sold his shares without notifying the lenders. Substantial sums were allegedly transferred to Singapore-based entities associated with him by RHP in 2023.
In August 2023, eight additional lenders became aware of Dinesh Kumar/Dalmia’s fraudulent activities. These lenders, who had provided loans, bill discounting, and other facilities to RHP, were Axis Bank, HDFC Bank, SBI Global Factor Limited, Fincare Small Finance Bank, Maglix Labs Private Limited, IndusInd Bank, and .
A forensic audit of RHP uncovered two categories of RHP-associated entities. Firstly, those directly linked to RHP feature joint directors such as Gopal Padia, Pankaj Dalmia, and Ramnath Arumugam. These entities include KMP Fortune Advisors LLP, Raadin Health Food Private Limited, Wegan House Private Limited, and Right Health Product Private Limited. Additional entities utilized for money routing purposes consist of Kamadhenu Beverages Pvt Ltd, Exemplar Dealcom Pvt Ltd, and three private entities named Arrowline Food N Beverages, Arrowline Organic Products, and Arrowline Dairy Products, among numerous others.
Axis Bank inspected RHP’s premises in MIDC, Baramati, near Pune, where alarming signs of a deceptive operation with fraudulent intentions were discovered.
The inspection revealed a complete absence of stocks, invoices, operational activities, officials, or staff. Additionally, fixed assets were found to be rented but unused, while power and fuel supplies had been discontinued, and the company operated solely from rented premises.
This belated inspection made lenders realize that they had fallen victim to a sophisticated fraudster.
