Judicial magistrate Pamelpreet Grewal on Wednesday awarded three-year jail to a secretary of a society convicted for duping employees of Punjab Mandi Board of their hard-earned money by promising them higher returns to the investments.
The convict, Dharamvir Sharma, a resident of Zirakpur, who claimed to be the secretary of the Union Cooperative NATC Society, was booked by UT police on May 12, 2012.
“Sharma committed the offence of cheating innocent employees of Punjab Mandi Board who invested their money in the fixed deposit receipt (FDRs) of his society but he did not return the money or the interest. Hence, he is not entitled to the benefit of probation,” read the order pronouncing Dharamvir guilty of cheating.
Sharma was accused of misappropriation of money deposited by employees of Mandi Board after inducing them that they will get 12% to 14% interest but refused to return the money.
The court also imposed a fine of Rs 5,000 on convict. He was however released on bail against bail bonds of Rs 10,000 after suspending his sentence to file appeal against conviction within a month.
The police had booked Sharma on complaint of an employee of Punjab Mandi board, Sector 17, Inderjit Singh, who alleged that Sharma in connivance with a clerk of a Union Bank of India branch situated at the office of Mandi Board, Sector 17, Chandigarh, had induced the board employees to invest in Union Cooperative NATC Society Limited, which was a registered society. Sharma had claimed to be secretary of the society.
The complainant alleged that he, along with other employees of the Mandi Board namely Parbhat Singh Guleria, Sham Lal and Vishavanath invested in the Union Cooperative NATC Society Limited in form of FDRs.
Parbhat Singh Guleria invested Rs 4.7 lakh in 20 FDRs, Sham Lal Rs 50,000 each in 10 FDRs and Vishavanath Rs 6.5 lakh in 22 FDRs.