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| Finance company dupes 216 depositors of 1.64 cr | | |
Jammu | June 12
The Crime Branch has produced a challan under section 420, 406, 120-B, 201 RPC against two finance companies for cheating and misappropriating public deposits. The depositors were falsely promised and offered early maturity and high rate of interest than that of RBI or any other nationalized Bank, beside free accident insurance and other so called incentives and facilities which were never fulfilled.
The said case was registered at P/S Crime Branch Jammu on a complaint lodged by depositors through one Rajinder Raina S/o against the Non Banking Finance company viz M/s United Capital Service India Ltd and M/s Endowment Plantation Ltd. Regarding cheating and misappropriation of public deposits by its management and investigated by CIT. During the course of investigation and relevant and available records was obtained from the regional office Canal Road Jammu. Branch Office Rajouri and head office Chandigarh while house search of accused Ramesh Kumar Sharma and V.K. Kansal some documents pertaining the sale purchase of movable/ immovable property were also seized.
The requisite information was also obtained from ROC Jallandhar, SEBI Mumbai and RBI Jammu statements of 213 witnesses were recorded u/s 161 CRPC. The scrutiny of records revealed that prior to 16.09.1997 accused Ramesh Kumar Sharma S/o Pollu Ram Sharma R/o Naran Tehsil Hiranagar district Kathua at present Kunjwani, late Prabhakaran Plathue S/o S.N. Plathue R/o Chandigarh, late Varinder Kumar Kansal, S/o Jagdish Kumar Kansal R/o Chandigarh, J.S. Hanjra, S/o Hazoor Singh R/o Chandigarh had hatched a criminal conspiracy to float NBFC under the name and style M/S endowment Plantation Ltd. Whereunder they launched different attractive schemes to failure the general public to deposit their money. Employees and agent were offered some incentives for mobilization of funds for the company.
The depositors were falsely promised and offered early maturity and high rate of interest than that of RBI or any other nationalized Bank, beside free accident insurance and other so called incentives and facilities which were never fulfilled because they were business and they will have an easy buck to their fortune. With this criminal intension they floated Agro based company M/s Endowment Plantation Ltd. Company to absolve themselves from the supervisory control of RBI on one hand and to continue their nefarious activities. Accused Ramesh Kumar Sharma being local of J&K took undue advantage of provision of article 370 of constitution and raised assets for the company in his own name out of the public deposits.
During the year 1996, agro based NBFC M/s Endowment Plantation Ltd was closed down by its MD late Prabhakaran Plathue. On 04-04-1997 accused Ramesh Kumar Sharma in league with Rakesh Kumar Sharma S/o Pollur Ram Sharma R/o Naran Tehsil Hiranagar, Vinod Kumar Dutta S/o Vishwamitter Dutta R/o Ward No.1 Nowshera, Varinder Kumar Sharma, S/o Sansar Chand Sharma R/o Ghagwal, Tehsil Hiranagar, Lok Raj Sharma S/o Girdhari Lal Sharma R/o Ghagwal Hiranagar floated an-other entity under the name and style of u/s United Capital Services India Ltd. Accused Ram Kumar Sharma with its MD and continued to defraud and collected the deposits under collective investment
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