Jammu Tawi, Oct 5: The Economic Offences Wing (EOW) of Crime Branch Jammu has filed a chargesheet against two accused in a multi-lakh financial fraud case involving alleged collection of Rs 1.23 crore from investors in Samba.
The chargesheet was produced before the Court of Additional Munsiff JMIC, Samba, in FIR No. 73/2016 registered under Sections 420 and 120-B RPC at Police Station Samba.
The accused facing the chargesheet are 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. The Crime Branch has also sought proceedings under Section 512 CrPC against Managing Director Rajesh Kumar Rai, who is absconding.
According to the investigation led by Inspector Taranjeet Singh, the accused allegedly induced residents to invest in schemes promising lucrative returns, including Compulsory Convertible Preference Shares and fixed deposits.
The investigation found that Rs 1,22,96,324 was collected from investors, including Rs 8,87,442 through Mansar Finance and Rs 1,14,08,882 through Metropolitan Finance. The accused allegedly issued dishonoured cheques and failed to make maturity payments.
RBI verification found the NBFC registrations of the two finance companies had been cancelled for statutory non-compliance, while Vaibhav Pariwar India Projects Ltd. was not registered as an NBFC.
The Crime Branch said documentary evidence, including certificates, receipts and bank records, was seized during investigation.