Rs 2,000 cr scam: Payback for investors

The MD of a finance firm,who is in jail for duping investors of around Rs 2,000 cr...

The Managing Director of a Delhi-based finance firm,who is in jail for allegedly duping investors of around Rs 2,000 crore,today sought bail from a court here saying he was willing to pay back the dues.

Rupesh Verma,who is in jail since December 19 last year,has filed a fresh bail application before District and Sessions Judge S P Garg after a magisterial court had rejected his earlier plea saying the charges were “grave”.

Advancing the arguments on the bail plea,Verma’s counsel said “no purpose would be served by keeping the accused in custody as he did want to pay back the dues to the investors.”

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The court has fixed the plea for further hearing on August 25,the next date of hearing.

Two FIRs have been lodged against Verma,Managing Director of M/s Shri Om Sai Nath Car On Rent Ltd,and his firm under IPC on the charge of cheating and misappropriation of funds.

The company allegedly used to lure hundreds of investors to invest in its car rental scheme.

The company had promised that investors would get almost three times of the invested money in installments for 60 months,the FIRs said.

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The investors panicked when the cheques issued by the company bounced,after which two of them lodged a police complaint against Verma and the firm.

Police had recovered Rs 2.15 crore in cash at the instance of Verma during the probe.

The magisterial court had earlier asked the police to ascertain movable and immovable assets of the accused which could be used in paying back the dues of the investors.

Verma was arrested from the Press Club of India when he was addressing the media.

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The accused is facing similar cases in Mumbai and Jaipur for allegedly cheating the investors.

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