Jammu, October 05: The Economic Offences Wing (EOW) of Crime Branch Jammu has produced a charge sheet before the Hon’ble Court of Additional Munsiff JMIC, Samba, against three accused persons in FIR No. 73/2016 U/S 420 and 120-B RPC Police Station Samba concerning a multi-lakh financial fraud. The accused are 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.
Investigation Led by Inspector Taranjeet Singh revealed that the accused allegedly induced residents of Samba to invest their hard-earned money in schemes promising lucrative returns, including Compulsory Convertible Preference Shares (CCPS) and Fixed Deposits. RBI verification established that the NBFC registrations of Mansar Finance Ltd. and Metropolitan Finance Ltd. had been cancelled for statutory non-compliances, while Vaibhav Pariwar India Projects Ltd. was never registered as an NBFC.
The investigation established collection of Rs. 1,22,96,324/- from investors, including Rs. 8,87,442/- in respect of Mansar Finance Ltd. and Rs. 1,14,08,882/- in respect of Metropolitan Finance Ltd. The accused allegedly issued dishonoured cheques and failed to make maturity payments. Substantial documentary evidence, including CCPS certificates, debentures, money receipts and bank records, was seized during investigation.
Accordingly, a chargesheet has been produced before the Hon’ble Court of Additional Munsiff JMIC, Samba, against accused Manoj Kumar and Vikram Singh, along with the seized documents and list of witnesses. The Crime Branch has also requested the Hon’ble Court to initiate proceedings U/S 512 Cr.P.C. against Rajesh Kumar Rai, who is absconding and has continuously evaded the investigation.
SSP Crime Branch EOW Faisal Qureshi, Jammu has advised general public to remain vigilant against such economic frauds and report any such incident to Crime Branch EOW Jammu (Crime Branch, J&K). Victims of economic frauds may also submit their complaints via email at sspcrimejmu@jkpolice.gov.in or contact on telephone No. 0191-2578901.
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