NRI father-son duo booked for Rs 3.15-crore fraud

According to the complainants, Avtar Singh and his son Jaswant Singh, both directors of ATL Biofuel India Pvt Ltd, Bairampur village, Mohali district, lured them into investing in the company with promises of huge profits and directorships.

“Avtar Singh and Jaswant Singh told me that I would be made a director in their company and would receive handsome returns,” said Parmjeet Singh, adding that he invested his retirement savings in good faith.

Acting on the duo’s assurances, Parmjeet invested Rs 2.95 crore, while Jaspreet Singh contributed Rs 20 lakh, totalling Rs 3.15 crore, in the name of a project for land purchase at Goh village in Ludhiana district. Both investors transferred the money into company-linked accounts and were shown as director and shareholder, respectively.

However, when the Ludhiana project failed to materialise, Jaswant and CA Parminder allegedly persuaded the investors to shift the project to Uttar Pradesh, citing “better subsidy benefits from the UP government”. By July 2024, they claimed to have begun work on a Compressed Bio Gas (CBG) plant, but no such project was ever executed, nor was the invested money returned.

Investigations revealed that the accused forged Parmjeet’s signatures on company board resolutions and uploaded fake documents on the MCA website, falsely showing board approvals and ownership changes. The police said the CA played a crucial role in drafting and uploading the forged documents.

“They not only betrayed our trust but also forged my signatures to transfer company control and misappropriate our funds,” Parmjeet said.

After preliminary inquiry, the Balongi police registered a case against all three under relevant sections of the IPC, including cheating, criminal breach of trust, forgery, and criminal conspiracy.

Police sources confirmed that CA Parminder along with an unidentified man has been arrested while lookout notices are being issued for Avtar Singh and Jaswant Singh, who are currently abroad.

From the homepage

‘Advising tourists to stay put until rescued’: As flood toll crosses 14, Mamata opens 24/7 control room, to visit Darjeeling tomorrow

IND-W vs PAK-W LIVE Cricket Score, Women’s World Cup 2025: India 247 all out (50 overs) vs Pakistan in Colombo

Bihar Assembly polls to be held before November 22: Election Commission