1 hr ago
Jammu EOW Charges Two in Alleged ₹1.22 Crore Investment Scam
Police in Jammu have filed a court case against two people over an alleged investment scam.
They say the men persuaded people in Samba to invest money by promising good returns.
The investments were linked to several companies.
Officials said two companies had lost their registrations as finance companies, while another had never been registered that way.
Investigators say more than ₹1.22 crore was collected.
They also say some investors received cheques that could not be cashed and were not paid when their investments matured.
Police submitted documents and financial records to the court.
They have also asked the court to take action against a company director who is reportedly absconding.
The Economic Offences Wing of Crime Branch Jammu filed a chargesheet against Manoj Kumar and Vikram Singh.
Police allege the accused collected ₹1,22,96,324 from investors in Samba district through investment schemes.
The schemes included compulsory convertible preference shares and fixed deposits promising lucrative returns.
RBI verification found Mansar Finance and Metropolitan Finance had cancelled NBFC registrations; Vaibhav Pariwar India Projects was never registered as an NBFC.
Officials allege investors received dishonoured cheques and no payments at maturity; proceedings were sought against absconding Managing Director Rajesh Kumar Rai.
- Who
- The accused are Manoj Kumar and Vikram Singh; the case also names absconding Managing Director Rajesh Kumar Rai.
- What
- The Economic Offences Wing filed a chargesheet alleging investors were defrauded of ₹1,22,96,324 through investment schemes.
- Where
- The alleged investors were in Samba district, Jammu and Kashmir; the chargesheet was presented before the Additional Munsiff, Samba.
- When
- The chargesheet was filed on Monday; the article does not provide a calendar date.
- Why
- Police allege investors were induced by promises of lucrative returns, then were not paid at maturity and received dishonoured cheques.
Police allegations
Accused response
Investment collections and payments
Police allegations
Police allege the accused induced investors to contribute over ₹1.22 crore, issued dishonoured cheques and failed to pay at maturity.
Accused response
The article contains no response from the accused.
Registration status
Police allegations
Officials say RBI verification showed Mansar Finance and Metropolitan Finance registrations were cancelled, and Vaibhav Pariwar India Projects was not registered as an NBFC.
Accused response
The article reports no response from the accused or the companies on the registration findings.
Key facts
- Amount allegedly collected
- ₹1,22,96,324
- Mansar Finance amount
- ₹8,87,442
- Metropolitan Finance amount
- ₹1,14,08,882
- Accused
- Manoj Kumar and Vikram Singh
- Companies named
- Metropolitan Finance Ltd, Mansar Finance Ltd and Vaibhav Pariwar India Projects Ltd
- Charges cited
- Sections 420 and 120-B RPC
- Absconding person
- Rajesh Kumar Rai, Managing Director; officials requested proceedings under Section 512 CrPC
Sources
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