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| CB presents challan against Endowment Plantation Co. | | ‘Law to decide fate of public money grabbers’ | | Early Times Reporter
Jammu | Sep 25
Crime Branch, Srinagar after hectic efforts and prolonged investigation of a case FIR NO 22/02 under sections 420,,120-B RPC pertaining to the alleged embezzlement of public money by the management of Endowment Plantation Ltd, today produced challan against Ghulam Mohd. Bhat son of Ali Mohd. resident of Dialgam, Nazir Ahmad Bhat son of Ghulam Qadir Bhat resident of Rozabal, Khanyar and Bashir Ahmad Bhat son of Mohd. Aslam resident of Surankot Poonch, the Directors of the Company, before the Court of Passenger Tax Srinagar for judicial determination
A CB spokesman said that on the directions of Divisional Consumer Protection Forum Kashmir, Srinagar, Crime Branch initiated a preliminary enquiry in the matter pertaining to the alleged misappropriation of public money by management of Investment Ltd. Inquiries conducted into the matter revealed that the Company set up in 1992 with its head office at Chandigarh, subsequently opened its branches throughout J&K state. The company was supposed to promote plantation farms and to lay out “Rakhs” by borrowing loans and issuance of shares as per rules prescribed by SEBI. Contrary to it, the company started collecting money from general public by assuring them higher interest rates and acted as a finance company without any authorization from RBI.
He said that during the course of investigation, the Crime Branch raided all the business establishments of the said company and rounded up the suspects for thorough interrogation. Relevant record was seized from concerned quarters and persons acquainted with the facts related to the case were examined. It emerged during investigation that the aforementioned persons, in the capacity of managing body of the company, persuaded the common masses to deposit their hard earned money with the company by assuring them higher interest rates as compared to other banks, although the company was not entitled for such transactions as per its registration.
In this way huge sums amounting to Rs. 65,55,212 were collected from the innocent depositors and no amount was paid to them at maturity. Subsequently, the managing body wound up all the business establishments of the company, thereby subjecting the depositors to wrongful loss for their personal gain. Most of the money received was misappropriated by the aforementioned accused persons while as some of the money was utilized for purchasing immovable property in the shape of land and buildings which has been seized by Crime Branch under court directions.
On the basis of investigation conducted and available evidence, charge sheet against the accused has been produced before the court for judicial determination, the spokesman said.
He said those depositors of the company who have not deposited the receipts of their deposited money with Crime Branch can now approach the concerned court for their grievances
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