Music firm chief dupes investors; chargesheeted | india | Hindustan Times
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Music firm chief dupes investors; chargesheeted

india Updated: Oct 15, 2006 15:45 IST

Police have filed a charge sheet in a court in New Delhi against the chairman of a private firm that allegedly duped investors of Rs 4.01 crore that promised to quadruple returns in a year.

"Delhi-based White Sapphire Pvt Ltd (WSPL)'s chairman Sanjay Dua in connivance with its directors, the father-son duo of Avtar Singh and Harvinder Singh, used to tell people that they should invest in their company, which is in the business of music industry," the charge sheet alleged.

Both directors and Dua told people the music industry was witnessing an upward trend and that one could earn a handsome amount by investing in WSPL, and thereby collected Rs 4.01 crore from investors, it alleged.

According to the anti-forgery cell of the Economic Offence Wing of Delhi Police, over 100 people invested in the company but did not get anything in return.

According to the modus operandi of the three accused, they used to provide receipt of CDs as "product order forms" to people against their investment. "Induced investment were shown as a sale of CDs to the investors," the police said.

"They reportedly told the investors that the product order forms from each investor was essential to complete certain government formalities," it alleged.

One Gautam Seth of Vikas Puri filed a complaint at the Janakpuri police station, stating he had invested Rs one lakh in the company on September 25, 2004.