An England-based businessman has accused senior Akali leader and Kartarpur MLA Sarwan Singh Phillaur’s son of Rs 4.5-crore fraud.
Speaking to the media here on Thursday, NRI Nirmal Singh Bajwa alleged that Phillaur’s son Damanveer Singh duped him of the said money on the pretext of opening a shopping complex at Khajurla village on Jalandhar-Phagwara national highway.
Bajwa said Phillaur was known to him for 25 years as he used to visit him during his tours to the UK. He said Phillaur in August 2004 asked him to invest in his son’s shopping complex and promised handsome dividends. “I invested Rs 4.5 crore between 2004 and November 2007. Punjabi NRIs AS Toor and Shaminder Singh Dhaliwal invested Rs 3.35 crore and Rs 1.25 crore, respectively, in the project,” he said.
Bajwa, who was appointed as a director in the project, said on the complaint of a local resident, the construction of the complex was stopped. He said Damanveer took a loan of Rs 20 crore from three banks and allegedly used Rs 2.35 crore of this money without informing the directors. “Damanveer then sold the shares and the banks went to court against the unpaid loan,” he said.
“I, along with Dhaliwal and Toor, cleared the bank loan,” Bajwa said. He said they have filed a complaint against Phillaur and his son with the vigilance department.
Refuting the allegations, Damanveer termed the allegations as politically motivated, adding he had distanced himself from the project seven years ago. “It is really surprising that Bajwa came to know of the fraud after so many years,” he said.