Delhi: Pharma firm owner files police complaint against brother for misappropriating Rs 3.6 crore

A former director of a pharmaceutical company is facing allegations of embezzling Rs 3.68 crore from the firm, as per a complaint filed with the Economic Offences Wing (EOW) of the Delhi Police. The complaint, lodged by Yogesh Gupta against his brother Umesh Gupta, accuses the latter, who served as a director and signatory for the company, of financial misconduct.

Yogesh Gupta and Umesh Gupta initially co-managed Medipol Pharmaceutical India, but later separated in July 2021. Following the split, Umesh established a proprietorship firm in the same industry. Yogesh took control of the pharmaceutical firm registered in Vishwas Nagar.

After the separation, Yogesh requested the accused to hand over Medipol’s cheque books, which he received. However, on March 24 of the current year, Yogesh discovered that Umesh had allegedly withdrawn Rs 3.68 crore from Medipol’s accounts. The funds were purportedly transferred to Umesh’s family members and the proprietorship firm.

Yogesh claims that the accused portrayed these transactions as the repayment of unsecured loans and creditors, without obtaining board or shareholder approval. This was reportedly facilitated using a cheque book that Umesh retained, leading Yogesh to allege a breach of fiduciary duty due to Umesh’s former role as a director.

Furthermore, Yogesh alleges that Umesh sold a flat in Ghaziabad, which was held in trust for him, without his consent. These actions have reportedly caused financial difficulties for the company, as the accused has refused to return assets and funds.

The pharmaceutical company has formally reported these incidents to the EOW, seeking legal intervention in the matter.