ANUP NARGAS Vs. UNION TERRITORY OF CHANDIGARH

JUDGEMENT

(1.) The case was taken up for hearing through video conferencing. CRM NOS.29414& 31144 of 2020 For the reasons mentioned in the applications, the same are allowed.

(2.) The FIR came to be registered on the complaint of Mrs. Adarsh Manocha w/o Sh. Jasbir S. Manocha with the allegations that the accused namely Sanjeev Bhatia and Anup Nargas approached her and her husband. They asked them to invest in the Company namely YAR GUN ENTERPRISES PRIVATE LIMITED (YEPL) which is a logistic company dealing with the storage of frozen meat for the supply to Army Command Stations. The accused also told that the other firm namely MEDIAIDS provides for cold rooms for YEPL. The accused allured the complainant and her husband by projecting that they would receive 12% return on the investment on monthly basis. They also promised that the complainant would be made one of the Directors in the said Company. The accused also increased the rate of shares of YEPL from Rs.10.00 per share to Rs.55.00 per share as per projection report i.e. Valuation certificate dtd. 21/2/2017 allegedly issued by Kamini Sehgal, CA. On the basis of aforesaid assurance, a written Memorandum of Understanding (MOU) was executed on21/5/2017 between the accused, complainant and other investors. The complainant invested a sum of Rs.50.00 lakhs in YEPL.

(3.) In nutshell, the allegations against the accused are that they have embezzled an amount of Rs.344.57 lakhs and on the basis of forged valuation certificate allegedly issued by Kamini Sehgal, CA on 21/2/2017, they increased the price of share of the Company from Rs.10.00 to Rs.55.00 and allured all the new investors to invest their money on the assurance that they would get more benefits. The MOU was executed on the basis of such assurance that the complainant was to be given a post as per clause 9 of the said MOU, but she was not given the said position, neither she was made Director in the Company, nor was paid money as promised. The investors have not been paid anything till date and the accused persons have cheated the complainant and the investors. A huge amount more than Rs.3.00 crores has been transferred from the accounts of the Company.