JAMMU, OCT 5: The Economic Offences Wing (EOW) of Crime Branch Jammu has filed a chargesheet against two officials in an alleged ₹1.22 crore investment fraud case involving depositors in Samba district, bringing the investigation into the alleged collection and diversion of investors’ funds before the competent court.
The chargesheet has been filed against Manoj Kumar, Area Branch Manager, and Vikram Singh, Assistant Branch Manager, who were associated with Metropolitan Finance Limited, Mansar Finance Limited and Vaibhav Pariwar India Projects Limited. The case was registered at Police Station Samba under Sections 420 and 120-B of the Ranbir Penal Code (RPC) and the chargesheet has been presented before the Court of the Additional Munsiff, Samba.
According to the investigation, the accused allegedly approached members of the public with various investment schemes and induced them to part with their money by offering attractive returns. Investigators found that the investments included Compulsory Convertible Preference Shares (CCPS) and fixed deposits, with the total amount allegedly collected from investors calculated at ₹1,22,96,324.
The investigation placed the alleged financial collections into two principal accounts: ₹8,87,442 was linked to Mansar Finance Limited, while ₹1,14,08,882 was allegedly collected through Metropolitan Finance Limited. Investigators examined the transactions and supporting financial documentation to establish the flow and nature of the investments.
A key component of the probe involved verification of the regulatory status of the companies. The Crime Branch obtained information from the Reserve Bank of India (RBI) and found, according to the investigation, that the NBFC registrations of Mansar Finance Limited and Metropolitan Finance Limited had been cancelled for non-compliance with statutory requirements. The probe further found that Vaibhav Pariwar India Projects Limited was not registered as an NBFC.
The investigation also alleged that after collecting investments, the concerned entities failed to honour repayment obligations. Investors were reportedly issued dishonoured cheques, while payments allegedly remained outstanding even after the maturity of investments, causing financial losses to the depositors.
To substantiate the allegations, the investigating agency examined extensive documentary and financial evidence, including CCPS certificates, debentures, money receipts and banking records. The material formed part of the evidentiary record placed before the competent court along with the chargesheet.
Meanwhile, the Crime Branch 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. The provision enables the court to take prescribed legal steps in cases involving an accused who remains unavailable to face the judicial process.
With the filing of the chargesheet, the investigation concerning the two chargesheeted accused has been completed, while further proceedings will now be governed by the competent court. The action brings the alleged investment collection, regulatory status of the companies and subsequent repayment failures on record for judicial examination.
The allegations contained in the chargesheet are subject to judicial determination, and all accused persons are presumed innocent unless proven guilty in accordance with law.
