Mumbai: A case has been registered at Mulund Police Station against the directors of Prizam Alliance Private Limited based on a complaint filed by Urvish Thosani, a partner of Vinay Pharma company. The Mulund West-based Vinay Pharma specializes in procuring pharmaceutical raw materials locally and internationally and supplying them to manufacturers of pharmaceutical products.
According to the complaint, in September 2022, broker Parag Shah introduced Vinay Pharma’s partners to Vikas Sharma, Mehul Modi, and Prashant Katharotia over the phone. They discussed the supply of pharmaceutical products, and Vikas Sharma mentioned that his newly established company, Prizam Alliance Private Limited, required pharmaceutical supplies.
In November 2022, Urvish Thosani, along with his brother Vimal, met with Vikas Sharma and other directors at Prizam Alliance’s Gujarat office. During the meeting, Sharma and others assured them that the company had several new investors and plans to overtake two firms based in Nashik and Ahmedabad. Based on this, Vinay Pharma agreed to supply products to Prizam Alliance.
The first consignment of pharmaceutical goods worth over ₹1 crore was delivered on December 12, 2022. Payments for these goods were received in installments until January 24, 2023, after which regular supplies continued. By May 27, 2024, dues for goods worth ₹7.86 crore were pending, prompting repeated follow-ups from Vinay Pharma.
On June 12, 2023, Prizam Alliance issued a letter of credit worth ₹3.03 crore and another for ₹2.41 crore on June 19, 2023. Additionally, on July 24, 2023, they presented a bank guarantee for ₹90 crore. Relying on these assurances, Vinay Pharma supplied goods worth ₹4.73 crore between June 5, 2023, and June 29, 2024, and further goods worth ₹7.63 crore between July 1, 2023, and July 29, 2023.
However, between August 1, 2023, and August 28, 2024, Prizam Alliance procured goods worth ₹8.16 crore but failed to make payments. Urvish Thosani also alleged that Prizam Alliance, on several occasions, returned products instead of making monetary payments.
With a total of ₹8.42 crore remaining unpaid, Urvish Thosani lodged a formal complaint, prompting the police to register a case under sections 34, 406, 409, 419, 420, 467, 468, 471, 504, and 506(2) of the Indian Penal Code. Based on the allegations, a case has been registered against the directors of Prizam Alliance Private Limited: Vikas Sharma, Gajanan Sharma, Rahul Chudasama, Bablu Pathak, broker Parag Shah, and CEO Mukesh Trivedi.
The police have confirmed that the investigation is ongoing.
