The Economic Offences Wing of Crime Branch Jammu on Thursday produced a 1,266-page chargesheet against six accused persons in the Rs 60 lakh Bhavya Gold Company fraud case.
A spokesman said, the chargesheet was produced against the affiliates of Swarn Bhavya Gold Pvt. Ltd., including its managing director, Balwinder Kumar, of Kaithal, Haryana, in the court of law for judicial determination.
The accused, after hatching a criminal conspiracy, induced the complainant and other people to invest their money in the company with the promise of providing bonus income after every 15 days on their deposits and more bonus income on creating a network of depositors, ultimately defrauding them by duping their money, said the spokesman.
The other accused persons involved in the commission of the crime are Sushil Kumar, Sandeep Kumar, and Deepak Singh, all residents of Haryana; Saphali Singh of New Delhi West; and Manveer Singh of Punjab.
The spokesman said that the stems of the case originated from a written complaint lodged in Crime Branch Jammu by complainants Mohd. Younis, Asrar Ahmed of Nowgam Srinagar, Ayaz Ahmed of Poonch, and Mushtaq Dar of Rajal, Nowshera, Rajouri, alleging that accused Balwinder Kumar, Managing Director of Bhavya Gold Company, along with Sandeep Kumar and Deepak, came to J&K in the month of October 2017 and launched programs by conducting seminars at different hotels in J&K to motivate people to invest money with inducement to get bonus income after every 15 days and for further bonus by creating network of investors.
People, as per the complainant, were assured that the company was genuine and registered with the RBI.
The company collected a huge amount from J&K State within three months, and initially the complainants and others got their bonuses on time, but later their bonuses were stopped, and they were cheated.
On receipt of the complaint, a preliminary verification was conducted, and during the course of the inquiry, the allegations of cheating and fraud were prima facie substantiated, leading to the registration of a formal case under the relevant sections of law for an in-depth probe.
During the course of the investigation, all material evidence was gathered, besides the statements of complainants and witnesses, and the offenses under U/S 420 and 120-B IPC were established against the accused persons for cheating the complainants and other innocent people.
During the course of the investigation, well-coordinated efforts were made by teams of Crime Branch Jammu to arrest the accused persons across various states of North India, as they remained elusive for a long period of time, he said.
