Jammu: The Jammu and Kashmir Police’s Crime Branch has filed a charge-sheet against the director of Gujarat-based Armada Bazar Private Limited for allegedly cheating two investors of Rs 3 crore, the agency said on Sunday.
The Economic Offences Wing of Crime Branch (Jammu) filed the charge-sheet in court against Parshuram Rajnetbhai Pal — a resident of Ahmedabad in Gujarat — for hatching a criminal conspiracy and cheating two locals after luring them to invest Rs 3 crore in the company, it said in a statement.
The case stems from a written complaint lodged by two locals — Sanna Gandogra and Sanjay Kumar Gupta — claiming that they were approached by Armada Bazar Private Limited to make a refundable investment in the company, the Crime Branch said.
The company claimed to be in the business of authorised products and services having grocery and daily utility items.
An agreement was signed between the parties under which the accused would pay Rs 12 lakh per month for 36 months to the complainants and 4 percent of the net monthly billing of the “mart”.
In their complaint, the victims alleged that the accused paid Rs 12 lakh for two months and stopped paying the remainder. The accused later openly refused to return the victims’ money and threatened to eliminate them and their family members if they filed a case, the statement said.
The preliminary Crime Branch verification after a complaint was received found the allegations to be prima-facie substantiated, leading to the registration of a formal case.
The investigators gathered all material evidence, recorded the statements of the complainants and witnesses and established the offences under sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code against Pal, it said.
The Crime Branch said further investigation is underway to identify the other accused.
