The Jammu and Kashmir Police on Sunday registered a criminal case against two brothers for allegedly running fraudulent finance companies here to dupe investors, an official said.
The case against Vikas Mahajan and Lokesh Mahajan of Gurha Bakshi Nagar was registered under relevant sections of the law on a written complaint lodged by Paloura resident D K Gupta through the Reserve Bank of India (RBI), a spokesperson of the Crime Branch, Jammu, said.
In the complaint, it was alleged that the duo was running the private finance companies Samridhi Finance Limited , S K Business Corporation and Mahajan & Co by fraudulent means and have duped a lot of people of a large sum of money.
The RBI further informed that out of the three companies, only Messrs Samridhi Finance Limited was previously registered with it, but the company was not entitled to accept public deposits, the spokesperson said.
As per procedure, the official said, a preliminary verification was initiated by the Crime Branch, Jammu.
It seems the duo created the companies in order to dupe the hard-earned money of the complainant for their personal wrongful gain, he said.
The omissions and commissions, therefore, on the part of managing directors of the three finance companies prima facie, constitute offences punishable under various sections of the law and a formal case is registered against the accused persons for in-depth investigation,” the spokesperson added.