Absconding Finance Company MD Faces Proceedings Under Section 512 CrPC
JAMMU, OCT 5: The Economic Offences Wing (EOW) of the Crime Branch Jammu has filed a chargesheet against two officials in an alleged ₹1.22 crore investment fraud case involving investors in Samba district.
The accused have been identified as Manoj Kumar, Area Branch Manager, and Vikram Singh, Assistant Branch Manager, who were associated with Metropolitan Finance Ltd, Mansar Finance Ltd and Vaibhav Pariwar India Projects Ltd, officials said.
According to the investigation, the accused allegedly persuaded members of the public to invest their money in various financial schemes by offering attractive returns. The investments reportedly included Compulsory Convertible Preference Shares (CCPS) and fixed deposits.
During the probe, the Crime Branch obtained verification from the Reserve Bank of India (RBI) regarding the status of the companies concerned. Officials said the NBFC registrations of Mansar Finance Limited and Metropolitan Finance Limited had been cancelled for non-compliance with statutory requirements. The investigation also found that Vaibhav Pariwar India Projects Limited was not registered as an NBFC.
The investigation revealed that an aggregate amount of ₹1,22,96,324 was allegedly collected from investors. Of this, ₹8,87,442 was linked to Mansar Finance Limited, while ₹1,14,08,882 was allegedly collected through Metropolitan Finance Limited.
Investigators further alleged that investors were subsequently issued dishonoured cheques, while payments were not made even after the maturity of their investments, resulting in financial losses to the depositors.
As part of the investigation, the Crime Branch collected and examined a substantial volume of documentary and financial material, including CCPS certificates, debentures, money receipts and banking records, officials said.
The chargesheet has been submitted before the Court of the Additional Munsiff, Samba, in a case registered at Police Station Samba under Sections 420 and 120-B of the Ranbir Penal Code (RPC).
Meanwhile, the investigating agency has sought initiation of proceedings under Section 512 CrPC against Rajesh Kumar Rai, Managing Director, who is stated to be absconding and allegedly evading the investigation.
With the filing of the chargesheet, the investigation against the two chargesheeted accused has been completed. Further proceedings in the matter will now be taken forward by the competent court.
The allegations contained in the chargesheet remain subject to judicial determination, and the accused are presumed innocent unless proven guilty in accordance with law.(KNC)
