Home >> Corporate Governance >> Directors of Anmol India Agro Herbal Farming arrested for duping people in name of investment

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RAJNANDGAON (Chhattisgarh): Police arrested Directors of Anmol India Agro Herbal Farming and Diaries Care Company Limited for duping people in the name of giving them flats in exchange of investment. The Directors also assured people of returning twice of their amount deposited with the company.

Download SEBI Order SEBI Order in respect of Anmol India Agro-Herbal Farming and Dairies Care Company Limited and its Directors

The accused identified as Md Khaalid Memon (39) and Md Junaid Memon (34) have been booked under Sections 406 and 420 of Indian Penal Code (IPC) apart from other relevant provisions.

The matter came to fore after Satwant Singh Bhatia (62), one of the victims, filed complaint with Basantpur police. In his complaint, Satwant stated that the company has been operating at Anupam Nagar since 2008 and it is engaged in getting money deposited by people who were assured of flat in lieu of money.

Besides, people were also assured of double the amount of investment in time period of six years.Victim, after coming under influence of company officials, deposited Rs 90, 000 against which he was given the certificate. In addition, victim also deposited Rs 1.58 lakh as Recurring Deposit (RD) and three RDs of Rs 30, 000 each. The point to be noted is that victim was neither given flat nor twice of amount and rather company was shut down in 2014.

The accused, reported to be the residents of Nagpur were arrested on Saturday by police. Earlier also in similar kind of cas, the accused have been charged under Sections 406, 409 and 420 of IPC. A letter has been written to Security Exchange Board of India (SEBI)
seeking information about the company.

According to ASP Shashimohan Singh, the accused have been arrested from Nagpur and an amount of Rs 44 crore was to be refunded to investors. Police is trying to ascertaining the information about people who invested with company, he said.

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