JAMMU: Crime Branch Jammu has booked cheats for committing Rs 1.14 crores fraud on promise of high profits on investment in business of properties.
A criminal case under relevant sections of law has been registered against alleged fraudsters Jagandeep Singh, son of Ranjit Singh of Simbal Camp, Jammu, Ajit Pal Singh, son of Saroop Singh of Simbal Camp, Jammu and others for hatching criminal conspiracy and cheating people of their hard earned money by luring them with the promise of high profits on their investments in the business run by the accused.
The case was registered following a written complaint lodged by one Jasmeet Singh of Nanak Nagar, Jammu, who was approached by accused Jagandeep Singh to lend money for sale/purchase of properties. The accused, in order to gain the confidence of complainant, paid some profits as agreed within stipulated time. The accused convinced the complainant to tell his father and other friends also to invest with the accused. Accordingly his relative and friends also invested and transferred different amounts into the account of accused. In this way, Rs 1.14 crores were transferred into the account of the accused both in cash and transfer of money for the purpose of investment into the properties.
However, the accused stopped giving back the returns in the year 2019 after which all the investors approached him time to time but he kept on delaying. The accused issued a number of cheques to the investors to the tune of Rs 83 lakh but the same were bounced and dishonoured for insufficient funds. The accused had also given some hundies and affidavits against the amounts. On receipt of this complaint, a preliminary verification was conducted by Crime Branch Jammu. The material evidence gathered during enquiry prima facie substantiated the allegations against the accused. The omissions and commissions, thereof, on the part of accused Jagandeep Singh, Ajit Pal Singh and others prima facie constitute an offences punishable under section 420, 120-B IPC.
Accordingly, a formal criminal case was registered in P/S Crime Branch, Jammu against the accused for in-depth investigation.
