THE DIRECTOR of Hind Motors Ltd in Phase 1, Industrial Area, Ashish Gupta, on Saturday was booked for cheating a couple out of Rs 5.95 lakh on the pretext of providing them high interest on fixed deposit (FD). Police concluded that apart from the couple, Sanjay Kalia and Namarta Sharma of Sector 30, there were more than 400 people who invested over Rs 10 crore in Gupta’s company, and the matter required investigation by the economic offences wing (EOW).
Sources said in their complaint to the police, the couple alleged that they had invested Rs 5.95 lakh in the company in 2015. They were promised that they would be returned the money with high interest on the maturity of their FD, which matured on March 31, 2016. The couple claimed that when they approached Gupta’s office to get their money, staff members started avoiding them and Gupta, too, refused to meet them.
In their complaint to the police, the couple mentioned that there were over 400 people who invested in Hind Motors Ltd but were yet to receive their matured FDs. The police said an FIR against Gupta was lodged after taking legal opinion and as the amount was more than Rs 50 lakh, the investigation had been referred to EOW of Chandigarh Police.
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