A former Major from the Indian Army was arrested for cheating an NRI woman of Rs 50 lakh on the pretext of giving 12 per cent return on investment, on a monthly basis.
The accused was identified as Major Sanjeev Bhatia (Rtd). Bhatia had been an ADC with a former Punjab governor in 1994. His close associate, Anup Nargas, a retired bank official, is absconding.
Accused Bhatia was arrested on October 29 and sent to judicial custody on Saturday. The FIR against Bhatia and Anup Nargas was registered on the complaint of the NRI woman (name withheld on her request), a resident of Sector 15. SI Harbans Singh of Economics Offence Wing (EOW) is handling the investigation.
“The former army officer has reportedly cheated at least nine people, including two retired Brigadiers and a former colonel of around Rs 3 crore on the pretext of investment in his company named Yar Gun Enterprises Pvt Ltd (YEPL) and M/s Mediaids. Some of his victims are pursuing criminal complaints in civil courts. He was the Chief Executive Officer-cum-MD of YEPL. Since the last few months, the operational command of the company is with another retired army officer, who is also one of his victims,” said sources.
The victim woman was also promised that she would be named as one of the directors of the company.
Describing the modus operandi of the retired army officer, a police officer said, “The accused had increased the rate of the shares of Yar Gun Enterprises Pvt Ltd at premium rate (issue shares at higher price than nominal face value) from Rs 10 per share to Rs 55 per share as per projection report. A valuation certificate dated on February 2 in 2017 by one CA Kamini Sehgal was produced. Upon this, an MOU was signed between the NRI woman and the two accused, and the woman invested Rs 50 lakh in the company. The police investigation established that the valuation certificate was a forged document.”
YEPL is a logistics company that deals in carrying and storing of frozen non-vegetarian food in their cold rooms and further supplied the same to Army Command. M/s Mediaids provides cold rooms for YEPL.
“All of us are victims of good faith. Almost all of us invested a major chunk of our retirement benefits in the company of Major Bhatia (Rtd). He had started the company in 2012. We started reporting discrepancies in 2017. Our common friends, who have no military background, also invested money in the venture. We are submitting all the relevant documents of the company pertaining to cheating to the police,” said a retired army officer requesting anonymity.
EOW incharge, Inspector Krishan Kumar, said, “A raid was conducted to nab Anup Nargas in Delhi. He managed to escape. Efforts are on for arresting him.” A case was registered at PS 3.
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