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Case registered after detection of fraud in joint private business in Jammu

JAMMU: The Crime Branch of the Jammu and Kashmir Police on Saturday registered a criminal case after detecting fraud in a joint private business by one of the partners here, a spokesman of the investigating agency said.

The case was registered following a written complaint by Atul Mahajan, a resident of Bantalab, against his partner Mahesh Chander of Trikuta Nagar, he said.

"A preliminary verification was conducted (into the complaint) and the documentary evidence established prima facie that the accused was a business partner of Messrs Adil Traders and handling the business of the company. He has withdrawn a huge amount from the account of the company without the consent of other partners," the spokesman said.

He said Mahajan, in his complaint, said initially his wife, mother and Chander had started a partnership business of C&F (Clearing and Forwarding) and distribution of edible oils and Vanaspati in the name and style of Adil Traders at Satwari.

Mahajan said he joined the partnership business after the demise of his wife and a fresh reconstituted partnership deed was registered to this effect.

"The accused carried on the business of the firm exclusively and the joint bank account of the firm was also being operated upon almost all the time by him," the spokesman said, adding on September 9, 2016, the accused left the business of the partnership concern without informing any of the partners.

He said the complainant tried to locate him but could not. The accused is still underground.

"The complainant checked the stocks and accounts but the stock was found almost empty except for the damaged goods, besides the accused committed a fraud of an amount of Rs 2,97,431.74 existing in the accounts. The stock worth Rs12,25,676.74 was existing as per accounts but the same was also misappropriated by the accused and only the damaged stock worth Rs 75,000 was lying," the spokesman said.

He said the complainant also alleged that the accused had floated a business concern in his own name under the banner of Messrs Dinesh Trading Company and fraudulently transferred an amount of Rs 12,11,222 from the account of M/S Adil Traders, besides purchasing goods worth Rs 4,02,350 from the Gujarat Ambuja Company on the basis of goodwill of M/S Adil Traders but did not make the payment of the amount.

The accused also misappropriated the stock worth Rs 2,60,000 of M/S Gujarat Ambuja from the stock of M/S Adil Traders, the spokesman said.

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PTI