#navratna group fraud allegations

[scamsupdateindia]

Himansh Verma, Navrattan Group Chairman, Arrested for ₹1,000 Cr Fraud

In a high-profile case, the Nepal police have apprehended Himansh Verma, the Chairman of Navrattan Group of Companies, who is wanted in connection with a ₹1,000 crore fraud case. Acting on information provided by Punjab Police, Nepal police arrested Verma while he was allegedly attempting to flee the country. Verma, who faces multiple fraud charges in India, including three cases in Jalandhar, had previously managed to escape from police custody in Chandigarh.

A Complex Network of Fraudulent Companies

Himansh Verma, reportedly a shrewd operator, established several companies with direct dealings with government entities. His connections extended to influential politicians, granting him a reputation and a network across several cities, including Jalandhar, Chandigarh, and various locations in Maharashtra. His company is under investigation by the Enforcement Directorate (ED) due to its involvement in a ₹1,250 crore financial scam. Furthermore, a Look Out Circular (LOC) was issued against him on January 5, 2022.

Involvement with CBI and Attempt to Escape Abroad

The Central Bureau of Investigation (CBI) has also conducted inquiries into Verma's activities, resulting in an LOC against him. Facing over ten criminal cases, Verma was allegedly planning to escape to a foreign country through Nepal. He has also been implicated in the high-profile Syndicate Bank fraud case of 2016, amounting to ₹1,800 crore. Despite summons from the ED in Jaipur over the past five years, Verma, his mother Chandar Kanta, and his sister Pallavi Verma have failed to appear for questioning.

Extradition Proceedings: Punjab Police to Bring Him Back

Following his arrest, Punjab Police is expected to begin extradition proceedings to bring Himansh Verma back to India. His return is anticipated to expedite the judicial process against him and reveal further insights into the workings of his alleged fraudulent operations.

Declared as a Wanted Criminal by Jalandhar Police

The Jalandhar Commissionerate Police had previously declared Himansh Verma as a wanted criminal and offered a reward of ₹1 lakh for information leading to his capture. Verma, along with his mother Chandar Kanta, was named in a case registered at the New Baradari police station in Jalandhar. His company’s travel agency offices, located in Jalandhar, allegedly defrauded several clients by promising them overseas placements. In 2021, based on multiple complaints, three cases were registered against Verma. His arrest is expected to bring closure to his victims and shed light on the extent of his operations.

Key Points

Accused of ₹1,000 Crore Fraud: Himansh Verma, Chairman of Navrattan Group, was apprehended in Nepal for his alleged involvement in a massive financial scam.

Multiple Cases and LOC: Verma is implicated in numerous cases across Jalandhar, Chandigarh, and Maharashtra, with the ED and CBI issuing Look Out Circulars.

Attempts to Flee Abroad: Facing over ten criminal cases, Verma tried to escape through Nepal to evade arrest.

Reward for Capture: Jalandhar Police had declared Verma as a wanted criminal, offering ₹1 lakh for information on his whereabouts.

This arrest serves as a crucial step toward justice in one of the most significant fraud cases, highlighting the cooperation between Indian and Nepalese authorities in addressing cross-border financial crimes.