Associated News Bureau

Crime Branch EOW Jammu Files Charge Sheet in Rs 1.22 Crore Financial Fraud Case

JAMMU, OCTOBER 05: The Economic Offences Wing (EOW) of Crime Branch Jammu has filed a charge sheet before the Court of Additional Munsiff, JMIC, Samba, in connection with a multi-lakh financial fraud case involving alleged cheating of investors. The charge sheet has been filed in FIR No. 73/2016 registered under Sections 420 and 120-B RPC at Police Station Samba against three accused persons identified as Rajesh Kumar Rai, Managing Director; 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. According to the Crime Branch investigation, led by Inspector Taranjeet Singh, the accused allegedly induced residents of Samba to invest their hard-earned money in financial schemes promising attractive returns, including Compulsory Convertible Preference Shares (CCPS) and Fixed Deposits. During the investigation, verification from the Reserve Bank of India (RBI) reportedly established that the NBFC registrations of Mansar Finance Ltd. and Metropolitan Finance Ltd. had been cancelled for statutory non-compliance. Vaibhav Pariwar India Projects Ltd., the investigation found, had never been registered as an NBFC. The investigation further established that a total amount of Rs. 1,22,96,324 was allegedly collected from investors, including Rs. 8,87,442 in connection with Mansar Finance Ltd. and Rs. 1,14,08,882 in connection with Metropolitan Finance Ltd. The accused allegedly issued cheques that were subsequently dishonoured and failed to make payments upon maturity of the investments. During the course of investigation, the Crime Branch seized substantial documentary evidence, including CCPS certificates, debentures, money receipts and bank records. The charge sheet has been filed against Manoj Kumar and Vikram Singh along with the seized documents and a list of witnesses. The Crime Branch has also sought initiation of proceedings under Section 512 Cr.P.C. against Rajesh Kumar Rai, who is reportedly absconding and has continued to evade the investigation. SSP Crime Branch EOW Jammu has advised the public to remain vigilant against financial and economic frauds and urged people to report such incidents to the Crime Branch EOW Jammu. Victims of economic fraud may submit complaints through email at sspcrimejmu@jkpolice.gov.in or contact the Crime Branch EOW Jammu at 0191-2578901. ANB