Chargesheet filed against six in J-K for duping investors of Rs 60 lakh

The crime branch of Jammu and Kashmir Police on Thursday filed a chargesheet in a local court here against six persons for duping investors of over Rs 60 lakh after inducing them to invest in a Haryana-based private company in 2017, an official said.

The 1266-page chargesheet was filed by the economic offences wing of Crime Branch, Jammu against six affiliates of Swarn Bhavya Gold Pvt Ltd, including its Managing Director Balwinder Kumar of Haryana, under various sections of the Indian Penal Code, a spokesperson of the agency said. A case on the matter was registered in 2020.

The official said the accused hatched a criminal conspiracy to induce the complainants and other people to invest their money in the company by promising to provide bonus income on their deposits every 15 days and additional bonus income on creating a network of depositors.

Others chargesheeted in the case are Sushil Kumar, Sandeep Kumar, and Deepak Singh – all residents of Haryana, Saphali Singh of New Delhi and Manveer Singh of Punjab, the spokesperson said.

A written complaint lodged in Crime Branch, Jammu by Mohd Younis of Pulwama, Asrar Ahmed of Srinagar, Ayaz Ahmed of Poonch and Mushtaq Dar of Rajouri has alleged that the accused came to J&K in October 2017 and conducted seminars at different hotels to get people to invest money in the company, the official said.

People were assured that the company is genuine and registered with the Reserve Bank of India, the spokesperson said, adding the company collected huge amounts from residents within three months.

After police received the complaint, a preliminary verification was conducted and allegations of cheating and fraud were prima facie substantiated, leading to the registration of a formal case under relevant sections of law for in-depth probe, the official said.