The director of Gujarat-based Armada Bazar Private Limited, Parshuram Rajnetbhai Pal, is facing legal action as the Crime Branch of the Jammu and Kashmir Police files a charge sheet against him for an alleged fraud amounting to Rs 3 crore. The Economic Offences Wing of the Crime Branch (Jammu) presented the charge sheet in court, accusing Pal, a resident of Ahmedabad, of criminal conspiracy and cheating.
The case stems from a written complaint lodged by two locals, Sanna Gandogra and Sanjay Kumar Gupta. They asserted that Armada Bazar Private Limited approached them, seeking a refundable investment in the company. The company, purportedly engaged in authorized products and services related to grocery and daily utility items, convinced the complainants to invest Rs 3 crore.
An agreement was formalised, outlining that the accused would make monthly payments of Rs 12 lakh for 36 months to the complainants and provide 4 per cent of the net monthly billing of the “mart.” However, after fulfilling payments for two months, the accused allegedly ceased further payments and refused to return the victims’ money. Additionally, they purportedly issued threats to dissuade the complainants from filing a case, even endangering harm to their family members.
Following a preliminary verification by the Crime Branch, which substantiated the allegations, a formal case was registered. Investigators collected material evidence, recorded statements of the complainants and witnesses, and established offences under sections 420 (cheating) and 120-B (criminal conspiracy) of the Indian Penal Code against Pal. The Crime Branch is investigating the case further.