JAMMU, OCTOBER 5: The Economic Offences Wing (EOW) of Crime Branch Jammu has filed a charge sheet against two persons in connection with an alleged financial fraud involving more than ₹1.22 crore collected from investors in Samba, officials said.
The charge sheet was presented before the Court of Additional Munsiff JMIC, Samba, in FIR No. 73/2016 registered under Sections 420 and 120-B of the Ranbir Penal Code (RPC) at Police Station Samba, according to the Crime Branch.
The accused charge-sheeted are Manoj Kumar, Area/Branch Manager, and Vikram Singh, Assistant Branch Manager, who were associated with M/s Metropolitan Finance Ltd., M/s Mansar Finance Ltd. and Vaibhav Pariwar India Projects Ltd., the agency said.
The Crime Branch said its investigation, led by Inspector Taranjeet Singh, found that the accused allegedly induced residents of Samba to invest their money in schemes promising lucrative returns, including Compulsory Convertible Preference Shares (CCPS) and fixed deposits.
According to the investigation, ₹1,22,96,324 was collected from investors, including ₹8,87,442 in connection with Mansar Finance Ltd. and ₹1,14,08,882 through Metropolitan Finance Ltd.
The Crime Branch said verification with the Reserve Bank of India found that the NBFC registrations of Mansar Finance Ltd. and Metropolitan Finance Ltd. had been cancelled for statutory non-compliance. Vaibhav Pariwar India Projects Ltd., it said, had never been registered as an NBFC.
The agency further alleged that the accused issued cheques that were subsequently dishonoured and failed to make payments upon maturity of the investments.
During the investigation, the Crime Branch said it seized documentary evidence including CCPS certificates, debentures, money receipts and bank records.
The charge sheet against Kumar and Singh was filed along with the seized documents and a list of witnesses, according to the agency.
The Crime Branch has also sought initiation of proceedings under Section 512 of the Code of Criminal Procedure against Rajesh Kumar Rai, Managing Director, who the agency said is absconding and has evaded the investigation.
The SSP, Crime Branch EOW Jammu, advised members of the public to remain vigilant against economic frauds and report such incidents to the Crime Branch EOW Jammu. “Complaints relating to economic fraud may be submitted to the Crime Branch through email at [sspcrimejmu@jkpolice.gov.in](mailto:sspcrimejmu@jkpolice.gov.in) or by telephone at 0191-2578901,” Spokesperson of the agency informed .
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