Company dupes investors worth crores

Excelsior Correspondent
JAMMU, July 14: The proprietors of a private company engaged in making “e book banks’’ has duped Jammu and Kashmir based investors to the tunes of several crores of rupees and deserted the State shutting down their offices.
The fraudsters from Uttar Pradesh, Punjab and New Delhi had floated a company named ‘Vertical Planet’ and given franchises to several traders across the State. They were engaged in the business of converting literature books into e books.
SSP Crime Branch, Jammu Shakti Pathak said the proprietors charged huge sums for franchises and also got latter to invest in the business. After collecting crores of rupees, the Company shut its premises and deserted the State leaving the investors high and dry.
The Crime Branch has identified three proprietors of the company as Kamaljit Singh of Ludhiana, Punjab, Gurvinder Singh of New Delhi and Satya Prakash of Lucknow.
All of them were absconding, Pathak said.
He added that the Crime Branch has set up special teams to conduct raids in Lucknow, Ludhiana, Ambala and New Delhi to nab the accused. However, they remained untraced.
A case against the accused has been registered at Crime Branch police station. Sources said the Crime Branch has freezed all bank accounts of the Company but the accused had already withdrawn entire amount from them.