Jammu: The Economic Offences Wing (EOW) of the Crime Branch Jammu on Monday filed a chargesheet against two accused persons in a multi-lakh financial fraud case, involving the alleged collection of over Rs 1.22 crore from investors in Samba district.
Police said they identified the accused as Manoj Kumar, Area-Branch Manager, and Vikram Singh, Assistant Branch Manager, associated with Metropolitan Finance Ltd, Mansar Finance Ltd and Vaibhav Pariwar India Projects Ltd.
The investigation, led by Inspector Taranjeet Singh, found that the accused allegedly induced Samba residents to invest their money in various schemes promising lucrative returns, including compulsory convertible preference shares (CCPS) and fixed deposits, according to officials.
Verification from the Reserve Bank of India revealed that the Non-Banking Financial Company (NBFC) registrations for Mansar Finance Limited and Metropolitan Finance Limited were cancelled for statutory non-compliance. At the same time, officials stated that Vaibhav Pariwar India Projects Limited was never registered as an NBFC.
The investigation established that Rs 1,22,96,324 was collected from investors, including Rs 8,87,442 for Mansar Finance Ltd. and Rs 1,14,08,882 for Metropolitan Finance Ltd. The accused allegedly issued dishonoured cheques and failed to make payments upon maturity, the officials said.
During the investigation, officials seized substantial documentary evidence, including CCPS certificates, debentures, money receipts, and bank records.
The chargesheet was produced before the court of the Additional Munsiff, Samba, in connection with a case registered under Sections 420 and 120-B RPC at Police Station Samba, they said.
Officials said the Crime Branch has requested the court to initiate proceedings under Section 512 CrPC against Rajesh Kumar Rai, Managing Director, who is absconding and has allegedly continued to evade the investigation.