After court order, Delhi police starts probe in investment scam | delhi | Hindustan Times
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After court order, Delhi police starts probe in investment scam

Following a court order, Delhi police Economic Offences Wing (EOW) have started investigating a multi-crore-investment scam by a Delhi-based company, which allegedly duped several small-time investors through purchase of shares in their up-coming project. SUMIT SAXENA reports.

delhi Updated: Dec 27, 2010 01:36 IST
Sumit Saxena

Following a court order, Delhi police Economic Offences Wing (EOW) have started investigating a multi-crore-investment scam by a Delhi-based company, which allegedly duped several small-time investors through purchase of shares in their up-coming project.

According to court sources, till date, the police have not filed any status report in the matter and no arrest has been made in the case.

The court in its order noted that initially police had denied registering a criminal case in the matter.

Vikas Promoters Private Limited, its directors Nand Kishore Garg, Pankaj Arora, Asha Garg and Mohan Kumar Garg are being probed in the connection after Metropolitan Magistrate Jitender Mishra ordered registration of an FIR against them on August 20.

The order was passed on a compliant filed by an investor, Atul Mahajan, who claimed that he had lost R1.12 crore, as the company defrauded by forging the balance sheet and annual returns shown to him.

Mahajan complained he was induced to join the accused to make investment in their up-coming project, and there was large-scale bungling by the accused in the allotment of shares.

Suspecting a large-scale investment scam, the court said, “In view of the averments made in the complaint that the accused persons have forged and cheated the complainant by making false promises and forging documents”.

Referring a police investigation the court said, "The investigation by the police is necessary to unearth the facts".

This reporter tried to get in touch Additional Commissioner of Police, EOW, Vivek Gogia, but he did not responded to the calls and messages sent to him.