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| Crime Branch files chargesheet against ABPL Director for Rs 3 cr fraud | | | Early Times Report
Jammu, Dec 10: In a major development, the Economic Offences Wing – Crime Branch Jammu has filed a charge-sheet against the Director of ABPL for a staggering ₹3 crore fraud related to an investment scam in Armada Bazar. The accused, identified as Parsuram Rajnetbhai Pal, has been charged under sections 420 and 120-B of the Indian Penal Code.
The case originated from a written complaint filed by Ms. Sanna Gandogra and Mr. Sanjay Kumar Gupta, alleging that the accused posed as silent partners/directors of Armada Bazar Private Limited Co. The complainants were lured into making a refundable investment of ₹3.00 crores with the promise of monthly payments and a percentage of the net monthly billing of the Mart.
According to the complaint, the accused paid only ₹12.00 lakhs for two months and failed to honor the rest of the agreed-upon amount. This resulted in significant financial losses for the complainants. Moreover, the accused allegedly openly refused to repay the invested amount and issued threats of harm if any legal action was pursued against them.
The Preliminary Verification conducted by the Economic Offences Wing substantiated the allegations, leading to the registration of a formal case. The investigation unveiled material evidence in the form of documentary records and recorded statements from complainants and witnesses. As a result, charges under sections 420 and 120-B IPC have been established against Parsuram Rajnetbhai Pal.
The investigation is ongoing to explore the involvement of others in the case. The accused faces judicial determination for criminal conspiracy and cheating.
This shocking revelation highlights the need for vigilance in financial dealings and has raised concerns about the security of investments in private companies. The accused, if convicted, could face severe legal consequences for orchestrating this elaborate fraud. The case serves as a reminder for investors to exercise caution and thoroughly vet investment opportunities to prevent falling victim to fraudulent schemes. |
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