Rajya Sabha member KD Singh and six of his associates have been accused of duping around 1.5 million people of ₹250 billion, said police on Friday. An FIR in this connection was registered at Kotwali, Kanpur, on Thursday, said circle officer Rajesh Pandey.
According to the FIR, as many as 15 real estate companies owned by Singh owe approximately ₹10 billion to investors in Kanpur alone.
The complainant in the case, Pawan Mishra of Shyam Nagar locality, said that he met senior superintendent of police (SSP) Anant Deo on Wednesday after which the case was registered.
Mishra said that Singh’s companies closed down just before they were to return the invested amount with profits to investors. He told the police that Singh’s real estate companies had promised to “double / quadruple the investment or provide land/ flat” to investors.
In his complaint, Mishra said that he and 60 of his relatives and friends had invested over ₹45 lakh (₹4.5 million) in Singh’s ‘Alchemist Infra Township limited’, which had its main office on mall road, Kanpur. He said he convinced 231 others to invest ₹4.7 crore (₹47 million) in the company, which had promised to double/ quadruple the amount or provide the option of taking a plot/ villa / flat in Punjab’s Ferozepur district.
According to the FIR, the company was to return the money in January 2019 but closed down all its offices in December 2018.
{{/usCountry}}According to the FIR, the company was to return the money in January 2019 but closed down all its offices in December 2018.
{{/usCountry}}Apart from Singh, other directors of these companies named in the FIR are Satyendra Kumar Singh, Sucheta Khemka , Brajmohan Mahajan, Jaishri Prakash, Chatrasal Singh and Nand Kishore.
“The case was registered after a preliminary investigation. Prima facie there is evidence of financial scam,” said Pandey.
So far, no arrests have been made, said police.