`98,49,000 recovered from the accused
Jammu and Kashmir News
Jammu, July 25: Crime Branch, Jammu today presented the first chargsheet in the infamous Vikrant Finance Company, Scam before the Ld. Court of Chief Judicial Magistrate, Rajouri, where a large number of persons have been duped of crores of rupees.
Case FIR 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 of “Vikrant Finance Company” was flouted in District Rajouri by the accused persons namely Kewal Koul S/o Amar Nath R/o W.No.7 Rajouri, Kamal Kumar Gupta S/o Bhagat Ram R/o W.No. 12 Rajouri, Rakesh Kumar S/o Surinder Kumar R/o W.No. 9 Rajouri and Ashwani Kumar S/o Ved Vyas R/o W.No.7 Rajouri under a notion that the same was registered with the RBI and with the Registrar of Companies etc. It was alleged that 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, it was found that accused persons 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 however, in the year 2012 the company turned defaulter and the accused persons refused to pay/liquidate the public deposits amounting to Rs.8,83,03,977/- which belonged to the poor depositors.