Arrest warrant was issued against three persons, including Abhishek Bhargav, son of Minister for Panchayats and Rural Development Gopal Bhargav, by district court Raisen on Monday in connection with a fraud case.
The case involved of Rs80 cr of 400 investors in Bhopal, Raisen and Sagar cities through Shraddha Saburi Commodities Private limited.
Of the members of the Board of Directors, five accused, along with Abhisek, are still absconding. They include Nitin Balecha, Jitendra Singh Chouhan, Pankaj Kumar, Deepak Gaba and Abhisek Bhargava. Abhisek is director in the board of Shraddha Saburi Commodities Private limited.
After the fraud came to the fore, the main accused, Basant Upadhyay, was arrested on October 6, 2015. Basant hails from Gazipur of Uttar Pradesh and is settled in Raisen for around 30 years. His father BM Upadhyay, who was posted as Deputy Director with agriculture department, died eight years ago.Basant started a chit fund company in the name of Real Bazaar and later Shraddha Saburi Commodities Private limited was formed and after committing the fraud he escaped with the partners.
The company committed fraud in Bhopal, Sagar and Raisen by duping around 400 investors to the tune of Rs 80 cr.
Complaints were lodged in Bhopal, Sagar and Raisen by the investors and a case of fraud was registered and search for Basant started from the month of August, 2015. The accused used to target retired employees and women, luring them on the promise of doubling their investments and later duping them.
Basant had started the company with partners Nitin Balecha of Haryana, his father Kamalram Balecha, Megha Singh of Indore and Vipendra Chouhan. Offices were opened in Bhopal, Sagar and Raisen and investors were lured with tall claims and later escaped with the investment which was around Rs 80 cr. The investors invested in the range of Rs 30,000 to Rs 40,000 each. It was found that around 150 investors of Sagar, 100 of Bhopal and 125 of Raisen were duped.