Hind Motors director held for duping investor couple

Sources said that in their complaint to the police, the couple alleged they had invested Rs 5.95 lakh on the promise that they would be returned the money with heavy interest once their FD would mature on March 31, 2016.

By: Express News Service | Chandigarh | Published:April 9, 2017 3:49 am

Ashish Gupta, the director of Hind Motors Ltd in phase-1, Industrial Area, was on Saturday arrested for allegedly cheating a couple of Rs 5.95 lakh on the pretext of providing them matured fixed deposit (FD). The police say that apart from the couple, Sanjay Kalia and Namarta Sharma of Sector 30, there are over four hundreds people who invested a total of over Rs 10 crore in the company of Gupta, and the matter required the investigation by Economic Offences Wing (EOW).

Inspector Umrao Singh said Gupta would be produced in a local court on Sunday.

Sources said that in their complaint to the police, the couple alleged they had invested Rs 5.95 lakh on the promise that they would be returned the money with heavy interest once their FD would mature on March 31, 2016. The couple claimed when they approached the office of Gupta to get the promised sum, staff members started avoiding them and even Gupta also refused to meet them.

In their complaint to police, the couple mentioned there were over 400 investors who invested in Hind Motors Ltd but were yet to receive their money.

Police said an FIR against Gupta was lodged after taking legal opinion and since the amount involved was more than Rs 50 lakh, the investigation had been referred to EOW of the Chandigarh police.
The case was registered at Industrial Area police station.

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