Director cum owner of private company held for fraud of Rs.12cr from Odisha

Accused Director-cum-Owner of M/s Armada Bazar Pvt. Ltd. Parsuram Rajnetbhai Pal held for fraud in Odisha of Rs. 12 crore, says reports. Accused Director of M/s Armada Bazar Pvt. Ltd. Parsuram Rajnetbhai Pal, S/o Rajanetbhai Harikishun Pal, R/o 149/1784, Shivalaya Apartment, Sola Road, Naranpura, Ahmedabad, Gujarat was in judicial custody at Agra Dist. Jail being involved in Agra Jagadishpur PS Case No.526/2023 and brought on the strength of production warrant issued by the PO, Designated Court under OPID, Cuttack to Bhubaneswar.

On his production before the Court, OPID, Cuttack on 15.02.2024, he was remanded to judicial custody in connection with EOW PS Case No.23 dt.21.08.2023 U/s 420/ 406/ 467/ 468/ 471/120-B r/w Sec.6 OPID Act, 2011.

The above mentioned case was registered basing on the written allegation of one Ruturaj Mohanty, who had alleged against the company M/s Armada Bazar Pvt. Ltd. and its Directors namely Parsuram Rajnetbhai Pal and the arrested accused Pankaj Kumar Parida for cheating him and his relations to the tune of Rs.1.26 Cr. in the name of investment with the company for
establishing/opening new grocery and daily utility item marts in different cities of Odisha and its warehousing projects for high returns.

As found, the Directors and Promoters of M/s Armada Bazar Pvt. Ltd. during the period from Feb’ 2022 to Jan’ 2023 induced the general public to invest with the company for opening the grocery and daily utility item marts giving the false promise of providing lucrative and hefty returns like 2% returns towards the adjustment of the invested amount and another 2% as interest on the
invested amount.

This apart, the investor would get 3.5% of the net monthly billing of the mart which will be credited after two months of investment for next 38 consecutive months. The company was fraudulently executing the mart agreements with the investors, rent agreement with the mart owner and also the franchise agreement with new investors in an attempt to carry out a fraud in Odisha. The company is also having sister concerns like Armada Mart Pvt. Ltd., Armada Pay Pvt. Ltd., Armada Express Pvt. Ltd., Armada Hotel & Resort Pvt. Ltd. etc.

The company has floated 05 schemes namely Mini Mart, Super Mart, Hyper Mart, Mega Mart and Super Mega Mart, for the investment ranging from Rs.20 lakhs to Rs.5 Cr. for the high returns i.e. 4% interest per month and 3% on the billing amount.

Similarly, the company was also floating 03 schemes for the franchise of the marts at different places of Odisha like Cuttack, Bhubaneswar, Nayagarh, Bargarh, Jagatsinghpur, Balasore, Parlakhemundi, Jagannathprasad, Odagaon, Nabarangpur etc. covering 08 Districts and was receiving investment with the assurance to pay 8% interest per month.

After a fraud in Odisha of collecting more than Rs.12 Cr, the company neither ran the marts nor did it give the franchise nor did return the money to the investors, and cheated the investors of the amount.

The company has also defrauded the investors of as many as 10 States like Jharkhand, Odisha, J&K, UP, Gujrat, Delhi, Madhya Pradesh, West Bengal, Assam, Maharashtra etc. in the like manner. The accused Parsuram Rajnetbhai Pal having the Bachelor Degree in Arts is the main Director-cum-the owner of M/s Armada Bazar Pvt. Ltd. and its sister concerns.

He is a native of Vill- Nagsar under Gazipur Dist., UP, and now resides at Narayanpura, Ahmedabad, Gujarat. He in connivance with accused Pankaj Parida (arrested earlier in the case) was organizing public meetings, seminars, conference etc. in different places including the reputed Hotels at Bhubaneswar to induce the general public to invest with the company and to
arrange the new investors.

He is the mastermind in inducing the general public under false promise and allurements to invest Rs.12 Cr. from Odisha alone. He has been cheating the general public across the nation in the name of investment with the Company for opening, running and franchise of Armada Marts. Criminal cases have also been registered against the accused Parsuram Rajnetbhai Pal at Jammu, Visakhapatnam, Agra and Kolkata.

The details of cases in which he is involved in different States are under collection. Accused Pankaj Parida who was responsible for the company’s work in Odisha and Jharkhand has earlier been arrested in the case and now is in judicial custody.

During investigation many incriminating materials like laptop, mobile phones, authorization letter, money receipts and 03 vehicles have been seized in the case. The investigation of the case is on.