Assets belong to Directors, promoters of Dutta Financers
Sanjeev Pargal
JAMMU, Apr 3: Within days of confiscating Rs 9.69 cr worth assets of Government officers/ officials and arms dealers, the Enforcement Directorate today provisionally attached immovable assets worth Rs 11.25 crore in the form of commercial and agricultural plots located at Narwal in Jammu and Bagla tehsil at Samba.
The assets belonged to Gurdeep Singh son of Harnam Singh, resident of Channi Himmat, Jammu, in a money laundering case recorded against M/s Dutta Financers India Ltd and its Directors including Gurdeep Singh and others, the Enforcement Directorate said.
It said the investigation in the money laundering case was initiated by Enforcement Directorate in January 2014 against Directors and promoters of Dutta Financers India Ltd. including Harpal Singh Dutta, Gurdeep Singh and others on the basis of FIR No.302 dated 19.11.2012 registered by Gandhi Nagar Police Station under Sections 406, 409, 420, 467, 468, 471 and 120-B of RPC, 1932 (Pari Materia to Sections 406, 409, 420, 467, 468, 471 and 120-B of IPC 1860), investigated by the Crime Branch Jammu.
During the course of investigation by the Enforcement Directorate, it was revealed that Gurdeep Singh, Gurbachan Singh Dutta, Harpal Singh Dutta, Bhajan Kour and others were running different fictitious companies for taking huge deposits and subsequently duping them towards wrongful personal gains thereby causing loss to the public at large. “None of the companies except Dutta Financers was registered with the Reserve Bank of India (RBI),” the ED said.
It added that these firms/ companies had been incorporated to befool the depositors and to make them believe that their money is deposited in a registered company for higher returns but only few of the deposits were actually made in Dutta Financiers, which was registered, and rest of the amount was deposited in other companies which were neither registered with RBI nor ROC.
“The deposits collected in cash from the public, instead of being invested further for assured returns, were being redirected for the personal gains of the accused. Fictitious fixed deposit receipts were being issued to the depositors which were neither reflected in the ledgers of the companies nor the money taken on such cash receipts was reflected in the Income Tax Returns or balance sheets of the companies,” the Enforcement Directorate said.
During the investigation, it came to fore that the accused Gurdeep Singh has been one of the Directors of Dutta Financiers India Ltd. and played an active role in the day-to-day affairs of the company right from the very beginning in 1997 when the said company was set up as a private limited company before changing its status to a public company in 2001.
He knowingly and wilfully indulged in luring innocent depositors to deposit their hard-earned money in the company which was diverted by him in connivance with other accused for his personal benefits by the way of purchasing various properties, including benami properties, in and outside Jammu and Kashmir.
“Close scrutiny of his financials evidently proved that he has also misappropriated part of swindled money towards various firms/ companies managed by him or his family members,” as per the Enforcement Directorate.
The Directorate said huge deposits had been collected by the accused through cheating, fraud and criminal conspiracy.
The tentative proceeds of crime in this case are estimated to be at Rs 28 crores approximately.
“The instant attachment of Rs. 11.25 crores in the case is in continuation to two earlier attachment orders issued by the Enforcement Directorate in May 2016 and March 2018 wherein assets worth Rs. 1.50 crores belonging to the accused had been attached,” the ED said.
It added that prosecution complaint against the company and its Directors have already been filed in this case.
Further investigation is in progress.
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