Examiner Bureau | Jammu:
The Economic Offences Wing (EOW) of Crime Branch Jammu has filed a chargesheet against two accused persons in connection with an alleged multi-lakh investment fraud involving the collection of more than Rs 1.22 crore from investors in Samba district, officials said on Monday.
The accused have been identified as Manoj Kumar, Area-Branch Manager, and Vikram Singh, Assistant Branch Manager, who were associated with Metropolitan Finance Ltd, Mansar Finance Ltd and Vaibhav Pariwar India Projects Ltd, police said.
According to officials, the investigation, conducted by Inspector Taranjeet Singh, found that the accused allegedly induced residents of Samba to invest their money in various schemes by promising lucrative returns. The investments included Compulsory Convertible Preference Shares (CCPS) and fixed deposits.
During the investigation, the Economic Offences Wing sought verification from the Reserve Bank of India regarding the status of the companies involved.
Officials said the RBI verification revealed that the NBFC registrations of Mansar Finance Ltd and Metropolitan Finance Ltd had been cancelled for statutory non-compliance.
They further stated that Vaibhav Pariwar India Projects Ltd was never registered as an NBFC.
The investigation allegedly established that a total of Rs 1,22,96,324 was collected from investors. Of this, Rs 8,87,442 was collected in the name of Mansar Finance Ltd, while Rs 1,14,08,882 was collected through Metropolitan Finance Ltd.
According to the Crime Branch, the accused allegedly issued cheques to investors that were subsequently dishonoured and failed to make payments when the investments matured.
During the course of the investigation, officials seized a substantial volume of documentary and financial evidence, including CCPS certificates, debentures, money receipts and bank records, which have been incorporated into the case record.
The chargesheet has been presented before the court of the Additional Munsiff, Samba, in connection with a case registered at Police Station Samba under Sections 420 and 120-B of the Ranbir Penal Code (RPC), officials said.
The Crime Branch has also requested the court to initiate proceedings under Section 512 of the Code of Criminal Procedure (CrPC) against Rajesh Kumar Rai, Managing Director of the companies, who is allegedly absconding and has continued to evade the investigation.
The case remains subject to judicial proceedings, while further action will follow in accordance with law.
