Deepak Pundir, the director of LNR Universe Producers, one of the alleged shell companies, set up by Pincon Spirits Limited owner was arrested. The company was allegedly involved in defrauding four lakh investors of Rs 1,000 crore through 104 branches in 10 states of the country
Jaipur: Rajasthan police’s special operations group (SOG) on Thursday arrested one Deepak Pundir, the director of LRN Universe Producers, one of the alleged shell companies, set up by Pincon Spirits Limited owners to siphon off funds invested by people, according to ADG, SOG Umesh Mishra.
In November, SOG arrested four senior officials of Pincon Spirits Limited – a West Bengal-based liquor company – for allegedly defrauding 25,000 people of Rs 56 crore in Rajasthan.
“It has come up during the investigation so far that the company was involved in defrauding four lakh investors of Rs 1,000 crore through 104 branches in 10 states of the country,” said Mishra.
He added that six shell companies were set up by the accused people to siphon off funds.
“We arrested the director of one of the companies. The man is Deepak Pundir who was looking after the operations of LRN Universe Producers. He was produced in a court on Thursday and sent to five day police remand for interrogation,” said the officer.
The agency also came to know about the company issuing Foreign Currency Convertible Bonds (FCCB) at London Stock Exchange for raising a capital expenditure (CAPEX) of $30 million in May, 2017.
Those arrested earlier are the company’s chairman Manoranjan Roy, his aide Binay Singh and two other associates – Raghu Shetty and Hari Singh. The chairman and Binay Singh were held from Bengaluru. All the four accused were produced in a court that remanded them in 7-day police custody.
The company allegedly conned people in West Bengal, Uttar Pradesh, Gujarat, Haryana, Chhattisgarh, Madhya Pradesh and several other states in the country, SOG officials said.