Gurugram police bust syndicate that targetted Indiabulls housing finance
Gururgam: The Gurugram police has busted an organised syndicate of blackmailing racket run by the law firm Managium Juris LP that was trying to extort money from the Indiabulls Housing Finance. The law firm is being run by the father-son duo of Kislay Panday and Mani Ram Panday who are absconding.
The management of Indiabulls has stated that a racket of blackmailers has been trying to extort money from Indiabulls over the past two months threatening to write complaints to various government departments alleging siphoning off Rs 55,000 crore if Rs 10 crore was not paid to them, following which the company filed an FIR on June 4.
It has been further mentioned by the investigative agencies that the firm had floated a complaint against Indiabulls where they alleged that it had siphoned off the funds to the tune of Rs 98,000 crores.
One of the people identified as Vikas Shekhar who was in the blackmail and was arrested on June 7 after the listed company also filed a complaint with the law enforcement officials. It is important to note that in the stock market the Indiabulls housing finance has witnessed sharp falls in the trading sessions regarding corporate governance. The impact of this syndicate being busted can be gauged from the fact that the company even issued a statement of the racket to its shareholders.
In a regulatory filing, Indiabulls stated, "Upon evaluation of the evidence gathered so far in the case and statements recorded by various employees of Managium Juris under section 164 in front of a judge, the courts have issued non-bailable arrest warrants against Kislay Panday and Mani Ram Panday. Both of them are absconding and on the run. Their records show that at least four FIRs against Kislay Panday and Ram Mani Panday were filed between the years 2002 and 2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening and offences under the Arms Act."
The statement came after a plea was filed in the apex court last week seeking legal action against Indiabulls, Sameer Gehlaut and the other directors for alleged misappropriation of public money. It said thousands of crores had been siphoned off by Gehlaut and the directors of the firm for their personal use.
According to the law enforcement officials, the firm first purchased a few shares of the target company in the name of their crony associates and then target such large corporates by fabricating facts and figures which are used to frame voluminous complaints to various government agencies including courts alleging financial irregularities and frauds of unimaginably huge amounts.
