Nagpur police book five Ramdev Baba Builders directors in Rs 12.20 crore investment fraud case
Sitabuldi police have registered an FIR on a court order over alleged fraud against Chhattisgarh's former Advocate General Jugal Kishore Gilda and his family.
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Sitabuldi police in Nagpur have registered an FIR against five directors of Ramdev Baba Builders and Developers Pvt. Ltd. It is alleged that they defrauded Jugal Kishore Gilda, a former Advocate General of Chhattisgarh and senior advocate, and his family of Rs 12.20 crore in the name of investment.
The FIR was registered after a court order. It invokes the Maharashtra Protection of Interest of Depositors (in Financial Establishments) Act, or the MPID Act, and related sections on cheating.
The five named as accused are Gopal Harikishan Chandak, Mohan Harikishan Chandak, Sharadadevi Chandak, Ganesh Vitthaldas Chandak and Sujata Mohan Chandak. All of them live in Arvi in Wardha district.
According to the complaint, the Gilda family had long-standing ties with the Chandak family. The alleged investment arrangement began in 2009. The accused are alleged to have promised good interest and assured investors that their money would double in 28 to 29 months.
On these assurances, Gilda, his wife Sunita and son Anup allegedly invested a total of Rs 12.20 crore in cash and by cheque. It is alleged that after the stipulated period ended, the family received neither the principal nor the promised returns.
The complaint says the accused had given post-dated cheques as security for the investment, but all of them are said to have bounced. The accused then allegedly also entered into an agreement to transfer a property to the investors. The complainant later learnt that the property had already been sold. This deepened concern over recovering the money invested.
It is stated that after the money was not returned, Gilda first approached the police. When no effective action followed, he also approached the Economic Offences Wing (EOW). According to the complaint, the matter was then taken to the MPID court, which directed the police to register a case and investigate.
On this court order, Sitabuldi police registered the FIR and began investigating the alleged fraud. The charges against the accused are yet to be proved in the investigation and court proceedings.
