Jammu, Oct 5 (SocialNews.XYZ) The Economic Offences Wing (EOW), Jammu, of the J&K Crime Branch said on Monday that it had filed a chargesheet in a multi-lakh financial fraud case.
A statement issued by the EOW said that it had produced a chargesheet before the Court of Additional Munsiff JMIC, Samba, against three accused persons in FIR No. 73/2016 under Sections 420 and 120-B RPC of Police Station Samba, concerning a multi-lakh financial fraud.
The accused have been identified as Rajesh Kumar Rai, Managing Director; Manoj Kumar, Area/Branch Manager; and Vikram Singh, Assistant Branch Manager, associated with M/s Metropolitan Finance Ltd., M/s Mansar Finance Ltd. and Vaibhav Pariwar India Projects Ltd.
Investigation led by Inspector Taranjeet Singh revealed that the accused allegedly induced residents of Samba to invest their hard-earned money in schemes promising lucrative returns, including Compulsorily Convertible Preference Shares (CCPS) and fixed deposits.
RBI verification established that the NBFC registrations of Mansar Finance Ltd. and Metropolitan Finance Ltd. had been cancelled for statutory non-compliances. At the same time, Vaibhav Pariwar India Projects Ltd. was never registered as an NBFC.
The investigation established the collection of Rs 1,22,96,324 from investors, including Rs 8,87,442 in respect of Mansar Finance Ltd. and Rs 1,14,08,882 in respect of Metropolitan Finance Ltd.
The accused allegedly issued dishonoured cheques and failed to make maturity payments.
Substantial documentary evidence, including CCPS certificates, debentures, money receipts and bank records, was seized during the investigation.
Accordingly, a chargesheet has been produced before the Court of Additional Munsiff JMIC, Samba, against accused Manoj Kumar and Vikram Singh, along with the seized documents and a list of witnesses.
The Crime Branch has also requested the Court to initiate proceedings under Section 512 Cr.P.C. against Rajesh Kumar Rai, who is absconding and has continuously evaded the investigation.
SSP Crime Branch EOW Faisal Qureshi, Jammu, advised the general public to remain vigilant against such economic frauds and report any such incidents to the Crime Branch EOW, Jammu.
Victims of economic fraud may also submit their complaints via email at sspcrimejmu@jkpolice.gov.in or contact the office on telephone number 0191-2578901.
Source: IANS
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