Finance unit MD booked for fraud

LUDHIANA, Aug 19: The police have registered a criminal case against managing director and three directors of a Delhi-based finance leasi...

LUDHIANA, Aug 19: The police have registered a criminal case against managing director and three directors of a Delhi-based finance leasing firm, Rockland Leasing Limited, for cheating and defrauding a large number of investors in the city.

According to SSP Dinkar Gupta those booked under sections 420/120-B of IPC included J.M. Chawla, MD, Varinder Thapar, Arun Chawla and Indu Chawla, all directors of the company.

Varinder Kumar, SP (HQ) and incharge of Economic Offences Wing of Police, who was investigating the case, said the company had lured the investors by promising large returns and further claiming that the investments made with them were fully secured with bank fixed deposits.

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The company, he said, used to give post dated cheques to the investors but several cheques presented by some of the investors to the banks had been dishonoured due to insufficient funds.

Kumar said the company had closed down its local branch office in Savitri complex here and the staff-members had fled with the investors’ money.

Further investigation are on and efforts to apprehend the accused continue.

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