SAMBA, October 6, 2026 – The Economic Offences Wing (EOW) of the Crime Branch Jammu has officially filed a chargesheet against two officials of private finance companies for allegedly defrauding investors in the Samba district of over ₹1.22 crore. The accused allegedly lured local residents with the promise of highly lucrative returns through unregistered and illegal financial schemes.
The chargesheet, filed before the Court of Additional Munsiff JMIC in Samba, pertains to FIR No. 73/2016 registered under Sections 420 and 120-B of the Ranbir Penal Code (RPC). The accused have been identified as Manoj Kumar, Area/Branch Manager, and Vikram Singh, Assistant Branch Manager. Both were associated with M/s Metropolitan Finance Ltd., M/s Mansar Finance Ltd., and Vaibhav Pariwar India Projects Ltd.
According to the Crime Branch, an in-depth investigation led by Inspector Taranjeet Singh revealed that the accused systematically induced Samba residents to invest their hard-earned money in schemes such as Compulsory Convertible Preference Shares (CCPS) and fixed deposits. The probe established that a total of ₹1,22,96,324 was fraudulently collected from investors. Of this amount, ₹8,87,442 was collected under Mansar Finance Ltd., and ₹1,14,08,882 under Metropolitan Finance Ltd.
Further verification with the Reserve Bank of India (RBI) exposed that the Non-Banking Financial Company (NBFC) registrations of both Mansar Finance Ltd. and Metropolitan Finance Ltd. had already been cancelled due to statutory non-compliance. Shockingly, Vaibhav Pariwar India Projects Ltd. was never registered as an NBFC. The investigation found that the accused issued cheques that subsequently bounced and completely failed to make repayment to the investors upon the maturity of their deposits.
During the course of the investigation, the Crime Branch seized crucial documentary evidence, including CCPS certificates, debentures, money receipts, and bank transaction records, which have now been submitted alongside the chargesheet. Furthermore, the agency has formally requested the court to initiate proceedings under Section 512 of the Code of Criminal Procedure (CrPC) against the company’s Managing Director, Rajesh Kumar Rai, who is currently absconding and evading the legal process.
Published by True Roots Media Network