Wednesday, May 7, 2014

Three directors of ad firm held for duping 85 of 4cr

Mumbai: The city EOW is probing a cheating case against six directors of Peacock Media Ltd for allegedly duping 85 investors of Rs 3.86 crore by promising them huge returns on their investment in an advertising business. 

    Cops have arrested three of the firm’s directors—Deepak Chawla (69), his son Pradip and one Kuljit Singh Suri. The trio is lodged in Arthur Road jail. Three other directors—Sandeep Chawla, Arvind Patel and Pankaj Patel-—have not been arrested yet. A case was registered at Khar police station and then transferred to the EOW. The police said the accused had claimed that their firm takes contract for printing posters. The accused have told cops they needed funds to expand their business and contacted one Shyam Ahuja of Karma Broking Pvt Ltd. “Investors were promised 12% per annum returns,” said an investigator. Ahuja said the accused had promised the investors shares at par. “Their balance sheet showed an over Rs 20 crore profit during 2008 and 2010. Many of those who invested through our firm are cancer patients and
handicapped,” said Ahuja.
    The accused have told cops they had resigned from the firm in 2011. But the police said that there are bills of exchange and cheques signed by the accused after 2011. The police have attached Suri’s flat at Powai and Chawla’s Khar houses. 

Mateen Hafeez

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