Srinagar, Dec 10: The Crime Branch of the Jammu and Kashmir Police has submitted a charge sheet against the director of Gujarat-based company, Armada Bazar Private Limited, , accusing him of defrauding two investors of Rs 3 crore.
The charge sheet, filed by the Economic Offences Wing of the Crime Branch in Jammu, alleges that Parshuram Rajnetbhai Pal from Ahmedabad engaged in a criminal conspiracy to cheat two locals who were induced to invest Rs 3 crore in the company.
According to the statement released by the Crime Branch, the case originated from a complaint filed by Sanna Gandogra and Sanjay Kumar Gupta, stating that Armada Bazar Private Limited approached them for a refundable investment, claiming to be engaged in authorized products and services, particularly grocery and daily utility items.
An agreement was reached, wherein the accused committed to paying Rs 12 lakh per month for 36 months to the complainants, along with 4 percent of the net monthly billing of the supposed “mart.” However, the victims alleged that after making payments for two months, the accused ceased further payments and refused to return the remaining amount.
Moreover, the accused reportedly threatened the victims with harm to their lives and their families if they pursued legal action.
Following a preliminary verification by the Crime Branch, which substantiated the allegations, a formal case was registered. Investigators collected material evidence, recorded statements from the complainants and witnesses, and established offenses under sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code against Pal.
The Crime Branch mentioned that ongoing investigations aim to identify additional accused individuals involved in the case.
