Sehore (Madhya Pradesh): A local court has convicted the director of a chit fund company and his agents for defrauding investors and sentenced them to 10 years of imprisonment, the district court media cell incharge Kedar Kaurav said on Wednesday.
Kaurav added that a fine of Rs 24.26 crore has been imposed on the accused.
Talking to the media, Kaurav said that the key accused has been identified as Gurvinder Singh Sandhu, chairman cum managing director of BN Group. The other accused have been identified as Heeralaal Vaishnav, senior marketing manager of the company and agents - Ashish Gupta, Muninder and Vipin Yadav.
Elaborating on details, Kaurav told the media that Sandhu and Vaishnav drew investors and lured them to invest in company. The investors were provided receipts and certificates from the company.
Vaishnav allegedly purchased several properties with investors’ money and stepped back when the investors demanded their money later. He was arrested from Shajapur later, after which Sandhu lured investors into investing more money, promising beneficial returns.
Sandhu provided cheques to investors at the time when the returns were promised but the cheques bounced. A case was lodged against him and other agents of the company, after which they absconded. They were eventually detained by the police and produced in the court where they were pronounced guilty.
