Jammu, October 5 (Daily Kiran) : The Economic Offenses Wing (EOW) of the Jammu and Kashmir Crime Branch filed a charge sheet on Monday in a significant financial fraud case involving over Rs 1.22 crore.
According to EOW officials, the charge sheet was submitted to the Additional Munsiff JMIC Court in Samba against three accused individuals. The accused have been identified as Rajesh Kumar Rai, the Managing Director, Manoj Kumar, the Area/Branch Manager, and Vikram Singh, the Assistant Branch Manager. They were all associated with Metropolitan Finance Limited, Mansar Finance Limited, and Vaibhav Parivar India Projects Limited.
Inspector Taranjeet Singh led the investigation, which revealed that the accused lured residents of Samba into investing their hard-earned money in schemes promising substantial returns. These schemes included Compulsory Convertible Preference Shares (CCPS) and fixed deposits.
An investigation by the Reserve Bank of India (RBI) found that Mansar Finance Limited and Metropolitan Finance Limited had their NBFC registrations revoked due to non-compliance with legal regulations. Additionally, Vaibhav Parivar India Projects Limited was never registered as an NBFC.
The investigation uncovered that the total amount collected from investors was Rs 1,22,96,324, which included Rs 8,87,442 for Mansar Finance Limited and Rs 1,14,08,882 for Metropolitan Finance Limited. The accused allegedly issued checks that bounced and failed to make payments upon maturity.
During the investigation, crucial documents such as CCPS certificates, debentures, money receipts, and bank records were seized. The charge sheet against Manoj Kumar and Vikram Singh included a list of seized documents and witnesses, which was presented to the Additional Munsiff JMIC Court in Samba.
The Crime Branch has also requested the court to initiate action against Rajesh Kumar Rai under Section 512 of the CrPC, as he remains at large and is evading the investigation.
Faizal Qureshi, SSP of the Crime Branch EOW in Jammu, advised the public to remain vigilant against such financial frauds and report any incidents to the Crime Branch EOW in Jammu.
Leave a Comment