The Economic Offences Wing (EOW) of the Jammu and Kashmir Crime Branch has filed a chargesheet before the Court of Additional Munsiff JMIC, Samba, in a multi-lakh financial fraud case involving three accused persons linked to unregistered and de-registered finance companies. The case, registered as FIR No. 73/2016 under Sections 420 and 120-B RPC at Police Station Samba, concerns the alleged fraudulent collection of over ₹1.22 crore from residents of Samba district.

Who the Accused Are

The three accused persons identified in the chargesheet are Rajesh Kumar Rai, Managing Director; Manoj Kumar, Area/Branch Manager; and Vikram Singh, Assistant Branch Manager. All three were associated with M/s Metropolitan Finance Ltd., M/s Mansar Finance Ltd., and Vaibhav Pariwar India Projects Ltd. — entities at the centre of the alleged fraud.

How the Fraud Was Carried Out

According to the investigation led by Inspector Taranjeet Singh, the accused allegedly lured residents of Samba into investing their savings by promising lucrative returns through schemes including Compulsorily Convertible Preference Shares (CCPS) and fixed deposits. Verification by the Reserve Bank of India (RBI) subsequently established that the NBFC registrations of both Mansar Finance Ltd. and Metropolitan Finance Ltd. had been cancelled for statutory non-compliance. More critically, Vaibhav Pariwar India Projects Ltd. was found to have never been registered as a Non-Banking Financial Company at all.

The investigation traced the collection of ₹1,22,96,324 from investors — ₹8,87,442 attributed to Mansar Finance Ltd. and ₹1,14,08,882 to Metropolitan Finance Ltd. The accused allegedly issued dishonoured cheques and failed to make maturity payments when schemes came due.

Evidence Seized and Court Proceedings

Substantial documentary evidence was recovered during the investigation, including CCPS certificates, debentures, money receipts, and bank records. The chargesheet has been formally produced before the court against accused Manoj Kumar and Vikram Singh, along with the seized documents and a list of witnesses.

In the case of Rajesh Kumar Rai, who is reportedly absconding and has continuously evaded the investigation, the Crime Branch has separately requested the court to initiate proceedings under Section 512 Cr.P.C. to enable action against a proclaimed offender.

Public Advisory and How to Report

SSP Crime Branch EOW Faisal Qureshi, Jammu, has advised the general public to remain vigilant against economic frauds and to report any suspicious schemes to the Crime Branch EOW. Victims of economic fraud may submit complaints via email at sspcrimejmu@jkpolice.gov.in or contact the office on telephone number 0191-2578901.

This chargesheet comes amid a broader national concern over unregistered NBFCs and chit-fund-type schemes targeting small investors in semi-urban and rural areas — a pattern the RBI has repeatedly flagged in its annual reports on financial stability.