Bhopal (Madhya Pradesh): The Economic Offences Wing (EOW) has registered a case against the director of two companies for allegedly cheating investors of Rs 35.75 crore, officials said on Thursday.
EOW Director General Upendra Jain said that complainant Vineet Jain, his mother Lata Jain and his mother-in-law had together invested a total of Rs 6.89 crore in the two companies owned by businessman Dileep Gupta during 2017–18 and also extended loans of Rs 11.15 crore to the two firms.
Gupta had approached the family with an offer to make them partners in his companies, promising huge returns from trading. Vineet and his relatives mortgaged their properties and procured bank loans, transferring the money to Gupta’s companies. All transactions were made online and Vineet maintained a complete record of all financial dealings.
Between 2018 and 2020, Gupta reportedly paid them Rs 91 lakh as investment benefits to win their confidence. Later, he persuaded the family to invest more and offered to make them one of the company’s directors. Acting on this assurance, the Jains took another loan of Rs 11.15 crore and invested it in the same firms.
However, from 2020 onwards, Gupta stopped giving them returns. When Vineet Jain confronted him, Gupta issued a post-dated cheque of Rs 7.74 crore, which later bounced in October 2022. It has come to fore that Gupta had allegedly prepared fake and fabricated share documents. The face value of shares was Rs 10 each, but Gupta had manipulated the records and inflated the price to Rs 12,927 per share, thus misleading the Jain family.
Following the cheque bounce and loss of both investment and credit, Vineet Jain and his relatives incurred a total financial loss of Rs 35.75 crore.
The EOW has registered a case against Dileep Gupta under relevant sections of cheating and forgery, and further investigation into the fraudulent transactions is underway.
[Story by Staff Reporter]
