Criminal Complaint against Vineet Wadhwa, Director, Logic Eastern (India) Pvt. Ltd.

Executive Summary

o The Complaint against Vineet Wadhwa is for Cheating (Sec. 420 of IPC), Criminal
Breach of Trust (Sec. 406 of IPC), Criminal Conspiracy (Sec. 120 B of IPC), & Criminal
Misappropriation of Property (Sec. 403 of IPC).
o Mr. Animesh Mishra purchased Computers for $ 55,000 (approx.) in USA and sent them
to Vineet Wadhwa in 1997. Vineet Wadhwa did neither account for these Computers in
the books of Logic Eastern nor issued shares for amount invested by Mr. Animesh
Mishra, though he had committed to do so through emails.
o Mr. Animesh Mishra invested further $ 58,000 (approx.) in the Project during 1997 to
1999. Vineet Wadhwa did neither account for the said investment in the books of Logic
Eastern nor issued shares for investment made by Mr. Animesh Mishra.
o Vineet Wadhwa informed during 1998 that theft happened and all Computers and other
assets were stolen.
o Vineet Wadhwa brought back the same computers in Logic Eastern through Bills of M/s.
Opticomm Technologies Private Limited, a Company promoted by Vineet Wadhwa.
Opticomm raised Invoice for Rs. 48,05,000/- during 2000-01 and Logic Eastern made the
payment for the same.
o M/s. Speedstar Ltd., a Jersey based Company, sent remittance of Rs. 49,75,175/- as Share
Application Money to Logic Eastern during 2000-01. Logic Eastern allotted 4,97,517
shares to Speedstar Ltd. The identity & ownership of Speedstar Ltd. is a mystery. Letter
written to Speedstar Ltd. at its Registered Office has returned back with remarks Box
Closed Return To Sender. Jersey Financial Services Commission has confirmed that
Speedster Ltd. is not a Jersey Registered Company. Further the Foreign Inward
Remittance Certificate issued by the Bank in this regard does not disclose (i) the name &
place of Remitter; and (ii) name and address of remitting Bank which is the most
essential information in Foreign Inward Remittance Certificate. This information has
been deliberately concealed.
o Vineet Wadhwa fraudulently allotted himself 17,02,000 shares of Logic Eastern, having
estimated value of Rs. 39.58 Crores, as Sweat Equity without consideration in violation
of all provisions of the Companies Act to defraud the members of the Company.
o Vineet Wadhwa collected payment from customers of Logic Eastern to the tune of Rs.
69,57,000/- in his personal name.
o Logic Easterns books of accounts show Suspense Account of Rs. 84,31,626/- as on 30 th
Septmember 2008 which represents the undisclosed / fraudulent payments made by the
Company.
o Vineet Wadhwa has collected sale proceeds from the customers of Logic eastern in cash
and therefore, Logic Easterns books are still showing receivables in the books of
accounts of Rs. 2,79,55,079/- which are more than six monts. Old.
o Vineet Wadhwa has taken Cash Rs. 13,28,518/- from Logic Eastern which he has not
returned.
o Vineet Wadhwa has also taken advance from Logic Eastern to the tune of Rs. 13,45,603/which he has not yet returned.

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