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J&K crime branch arrests two people over fraud, recovers Rs 98.49 lakh

During investigations, the Crime Branch found that the accused had established the finance company in the year 1994-95 without any authorization/registration from RBI.

By: Express News Service | Jammu | Updated: July 25, 2015 9:57 pm

Solving a three-year-old case wherein some private financiers had duped people in border Rajouri district of over Rs 8 crore, the Crime Branch sleuths have arrested two people and recovered Rs 98.49 lakh from them.

Identified as Kewal Koul and Kamal Kumar Gupta, both the accused were produced in the court of Chief Judicial Magistrate, Rajouri, on Saturday. The investigations in the case will continue and next chargesheet would be followed after the apprehension of other accused and recovery of the remaining amount, said SSP Crime Branch Mubassar Latiffi.

The other accused in the case include Rakesh Kumar and Ashwani Kumar, both residents of Rajouri. The
Crime Branch had registered a case following a complaint through Reserve Bank of India that the accused had floated “Vikrant Finance Company” under a notion that it was registered with the RBI and also with the Registrar of Companies.

They started accepting deposits from people after alluring them of high rate of interests, apart from advancing loans too to various people. However, the company turned bankrupt after sometime and the accused closed their establishments after duping the innocent investors.

During investigations, the Crime Branch found that the accused had established the finance company in the year 1994-95 without any authorization/registration from RBI. However, they started accepting deposits from people after alluring them of high rate of interests, apart from advancing loans too to various people. In 1992, the accused closed their establishments duping the innocent investors.

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