Crime Branch, Jammu arrests main accused of Rajouri Finance Company Scam


Jammu and Kashmir News

Jammu, May 29: Crime Branch, Jammu today arrested the main accused Kewal Koul, resident of Rajouri, who was wanted in the infamous Vikrant Finance Company, Rajouri Scam and who was absconding for the last 8 months.

Case FIR bearing No.19/2014 u/s 420, 406, 409, 467, 468, 471, 120-B, RPC was registered in P/S Crime Branch, Jammu on the basis of a complaint received through RBI in Crime Branch, Jammu wherein the complainant had alleged that a company under the name & style “Vikrant Finance Company” was flouted in District Rajouri by the accused persons under a notion that the same was registered with the RBI and the registrar of Companies etc. The company started accepting deposits from the public after alluring them of high rate of interests and also advanced loans to different borrowers but when the company turned defaulter and bankrupt, the accused persons started harassing the borrowers and the depositors on one pretext or the other and closed their establishments after duping the innocent depositors of their hard earned money running in crores.

During the course of investigation, which is being conducted by Dy.SP Mohammad Ibrahim, it was found that accused persons namely Kewal Koul, Rakesh Kumar, Ashwani Kumar and Kamal Kumar Gupta, all were the resident of Rajouri established the finance company under the name & style “Vikrant Finance Company” in the year 1994-95 with their office at main market Rajouri town without any authorization/ registration from the Reserve Bank of India and started accepting deposits from the innocent depositors illegally after alluring them of high rate of interest as compared to public sector banks, however, in the year 2012 the company turned defaulter and the accused persons refused to pay/liquidate the public deposits amounting about `8,83,03,977/- which belonged to the poor depositors.

SSP Crime Branch, Jammu Mubassir Latifi said that so far an amount of `91.49 lacs has been recovered and seized by the Crime Branch but after the arrest of the main accused, efforts are being made to recover the remaining amount of money and arrest the remaining accused persons.


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