Ludhiana: Man alleges ₹3-cr fraud by biz partners, 3 booked
The complaint was investigated by the additional deputy commissioner of police (investigation), who conducted a preliminary inquiry
A Ludhiana-based businessman has accused three directors of a rice mill company of siphoning off his investment, forging documents and illegally ousting him from the firm. The Dugri police have registered an FIR against a Mansa couple and their son.
According to complainant Amit Singhal, a resident of Shaheed Bhagat Singh Nagar, Deepak Rai Jindal, his wife Renu Jindal and their son Rishav Jindal cheated him after he invested over half of the total capital required to establish the company in 2023.
Singhal stated that he financed the planning, construction and September 2023 launch of the rice mill located in Mandla district of Madhya Pradesh and operating under a registered office in Bhikhi, Mansa. A formal agreement dated September 21, 2023, allegedly guaranteed him 50% shareholding, appointment as director, and exemption from liabilities incurred after that date.
However, Singhal claimed he was gradually sidelined. He alleged that he was denied financial access, removed from the company’s internal WhatsApp group in August 2024, and systematically excluded from operations—particularly during a period when he was battling personal tragedy, including the death of his father in 2023 and his wife in June 2024.
The complainant further accused the Jindal family of forging his signature on a fabricated “full and final settlement” receipt for ₹3.10 crore, purportedly dated August 23, 2024, claiming that he had been paid ₹50 lakh in cash with the remainder to be cleared in installments. Singhal denied signing any such document and alleged that he was threatened and physically thrown out of the factory premises when he demanded his rightful share.
The complaint was investigated by the additional deputy commissioner of police (investigation), who conducted a preliminary inquiry. The inquiry found that despite an agreement acknowledging Singhal’s financial contribution and promising him 50% ownership, the accused did not transfer the shares and allegedly presented forged receipts to claim a settlement.
ASI Surjit Singh, who is investigating the case, stated that an FIR under Sections 420, 465, 467, 471 and 120B of the Indian Penal Code has been registered against the accused.
