Crime Branch registers case for fraud in joint business

State Times News
JAMMU: Crime Branch on Saturday registered a criminal case after detecting fraud in a joint private business namely M/s Adil Traders Satwari by one of the partners.
As per spokesman of the investigating agency, a case was registered following a written complaint by Atul Mahajan, son of Shakti Mahajan, resident of A/4 Bharat Nagar Bantalab, against his partner Mahesh Chander, son of Shri Ram, resident of 19/8, Trikuta Nagar, he added. “A preliminary verification was conducted (into the complaint) and documentary evidence established prima facie that accused was a business partner of M/s Adil Traders and handling business of company. He has withdrawn a huge amount from the account of company without consent of other partners,” the spokesman told.
He further said Mahajan, in his complaint, said that initially his wife, mother and Chander started a partnership business of C&F (Clearing and Forwarding) and distribution of edible oils & Vanaspati in the name and style of Adil Traders at Satwari. Mahajan further said that he joined the partnership business after demise of his wife and a fresh re-constituted partnership deed was registered to this effect. “The accused carried on business of firm exclusively and joint bank account of firm was also being operated upon almost all time by him,” the spokesman said, adding that on September 9, 2016, the accused left the business of partnership concern without informing any of the partners.
He further said that the complainant tried to locate him but failed as the accused is still underground. “The complainant checked stocks and accounts and found that the stock was almost empty except some damaged goods, besides the accused committed a fraud of Rs 2,97,431.74 in the accounts. The stock worth Rs 12,25,676.74 was existing as per accounts but same was also misappropriated by accused and only damaged stock worth Rs 75,000 was lying,” the spokesman said.
He further said that complainant also alleged that the accused had floated a business concern in his own name under banner of M/s Dinesh Trading Company and fraudulently transferred an amount of Rs 12,11,222 from account of M/s Adil Traders, besides purchasing goods worth Rs 4,02,350 from Gujarat Ambuja Company on basis of goodwill of M/s Adil Traders but did not made any. The accused also misappropriated stock worth Rs 2,60,000 of M/s Gujarat Ambuja from stock of M/S Adil Traders, the spokesman said, adding a formal case has been registered in Police Station Crime Branch, Jammu against the accused and investigation has been initiated.