MOHALI: In a case highlighting the risks of investment fraud, especially targeting senior citizens, Avtar Singh (an NRI), his son Jaswant Singh (a US citizen), and Chartered Accountant Parminder Pal Singh have been booked by Balongi police. The case was filed following a complaint by Parmjeet Singh, 70, a retired banker, and Jaspreet Singh, a private sector employee.
The accused, directors of ATL Biofuel India Pvt Ltd, allegedly lured Parmjeet and Jaspreet with promises of “handsome returns” and company directorships. Parmjeet Singh stated he invested his retirement savings “in good faith.” Acting on these assurances, Parmjeet invested a hefty Rs crore, while Jaspreet Singh contributed Rs lakh, bringing the total to Rs crore. The money was intended for a land purchase project in Goh village, Ludhiana district, and the investors were accordingly designated as director and shareholder, respectively, with funds transferred to company-linked accounts.
The Failed Project and a Shift to Uttar Pradesh
The initial project in Ludhiana failed to materialize. Following this failure, Jaswant Singh and CA Parminder allegedly convinced the investors to pivot the project to Uttar Pradesh, citing the appeal of “better subsidy benefits from the UP government.” By July 2024, the accused claimed to have commenced work on a Compressed Bio Gas (CBG) plant in Uttar Pradesh. However, investigations later revealed that the CBG project was never executed. Compounding the loss, neither the project was completed nor was the significant sum of invested money ever returned to Parmjeet and Jaspreet Singh, leaving them without their principal investment.
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Forgery and Corporate Deception
The deceit took a darker turn as police investigations uncovered a plot of corporate fraud. The accused are alleged to have forged Parmjeet’s signatures on company board resolutions. Furthermore, they uploaded “fake documents” on the Ministry of Corporate Affairs (MCA) website, falsely showing board approvals and changes in ownership, effectively seizing control of the company and misappropriating the funds. Parmjeet Singh emphasized the gravity of the betrayal, stating, “They not only betrayed our trust but also forged my signatures to transfer company control and misappropriate our funds.” Police sources specified that the role of CA Parminder was “crucial” in drafting and uploading these forged corporate documents, leveraging his professional expertise for the alleged fraud.
Police Action and Fugitives Abroad
Following a preliminary inquiry, the Balongi police registered a case against all three individuals under multiple sections of the Indian Penal Code (IPC), including cheating, criminal breach of trust, forgery, and criminal conspiracy. Law enforcement has confirmed the arrest of CA Parminder along with an unidentified accomplice. However, the father-son duo, Avtar Singh and Jaswant Singh, remain at large. Police sources have stated that lookout notices are being issued for the two men, confirming they are currently abroad.