Armada Bazar Director Charged in 3 Crore Fraud: Jammu Crime Branch

Armada Bazar Director Charged in 3 Crore Fraud: Jammu Crime Branch

Asif Iqbal | December 10, 2023 | 04:10 PM IST | Crime, Jammu | Follow on Google News

Armada Bazar Director Charged in 3 Crore Fraud: Jammu Crime Branch .image/respersentional

Armada Bazar Director Charged in 3 Crore Fraud: Jammu Crime Branch

The Economic Offences Wing of the Jammu Crime Branch has filed a charge-sheet against Parsuram Rajnetbhai Pal, the Director of Armada Bazar – a Private Limited (ABPL) company, in a fraud case amounting to 3 crore rupees. The Crime Branch spokesperson revealed that the chargesheet has been presented in court, accusing Pal of engaging in criminal conspiracy and cheating complainants out of Rs 3 crores. The alleged fraud revolved around enticing individuals to become partners by investing a refundable amount in Armada Bazar, a Private Limited Company dealing in authorized products and services, including grocery and daily utility items.

The genesis of the case lies in a written complaint filed by Sanna Gandogra of Trikuta Nagar, Jammu, and Sanjay Kumar Gupta of Paloura, Jammu. According to the complainants, the accused, presenting themselves as silent partners/directors of Armada Bazar Private Limited Co, persuaded them to make a refundable investment of Rs 3 crores. The agreement stipulated that the accused would pay Rs 12 lakhs per month for 36 months to the complainants, along with 4 percent of the net monthly billing of the Mart. However, the accused only paid Rs 12 lakhs for two months and ceased further payments, causing substantial financial loss to the complainants. Subsequently, the accused openly refused to reimburse the agreed-upon amount and issued threats, including the prospect of harm to the complainants and their families if any legal action was taken against them.

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Upon receiving the complaint, a preliminary verification was carried out, during which the allegations were found to be prima facie substantiated. This led to the formal registration of a case under relevant sections of the law to facilitate a thorough investigation. The spokesperson stated that comprehensive evidence, including documentary records and statements from complainants and witnesses, was collected during the investigation. The charges of cheating against Parshuram Rajnetbhai Pal have been established, but the probe into the case continues to explore the involvement of others in the FIR.

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Asif Iqbal

Asif Iqbal is a seasoned news writer with a passion for delivering the latest updates to the public. Currently serving as the senior writer at VoM News, a prominent news outlet known for its comprehensive coverage of diverse topics, Asif has established himself as a reliable source of information. With a keen eye for detail and a knack for storytelling, he consistently provides readers with well-crafted articles that cover a wide range of news categories. His dedication to journalistic integrity and his commitment to staying ahead of the news curve make him an invaluable asset to Vom News, ensuring that readers are always well-informed on the issues that matter most. You can find his work and stay updated on current events by visiting vomnews.in.