Aligarh resident Naresh Kumar recognized Baghel and proceeded to file a complaint at Hauz Khas police station.
The Delhi Police arrested 32-year-old Aligarh resident Mukesh Baghel from South Delhi’s hip Hauz Khas area on Friday. Mukesh Baghel, a resident of Gwalior, Madhya Pradesh, is one of the eight directors of a firm that allegedly duped investors to the tune of Rs.800 crores.
Aligarh resident Naresh Kumar recognized Baghel and proceeded to file a complaint at Hauz Khas police station. Based on this complaint and cross-referencing it with a First Information Report (FIR) filed in Chattisgarh on February 2, 2016, a team was formed to nab the suspect.
Baghel who has allegedly been on the run since 2013 has been charged under sections 420, 406, 409 and 120B of the Indian Penal Code in the Chattisgarh FIR. Baghel and seven other directors of the firm also have a criminal complaint pending against them in the Aligarh trial court.
According to police investigation and records, the BPN Real Estate Company or BPN Real Estate And Allied Limited was registered on April 24, 2006 with eight directors including Baghel. Boasting of at least 25 branches across the country, Baghel lured people to invest in their recurring deposits and fixed deposits with a promise of high returns. However, in 2009, BPN Real Estate Company changed the name of its company to Sunshine Infrabuild Corporation with a registered address in East Delhi’s Vikas Marg area. In 2013, this company suddenly shut shop and disappeared with investors’ money to the tune of Rs.800 crores.
The directors of the firm are Surendra Singh Baghel, Dharm Singh Kushwah, Mukesh Singh (Baghel), Banwari Lal Baghel, Bakil Singh, Sanjeev Singh and Rajveer Singh.
After several cases of cheating were reported, in April 2015, the Bombay Stock Exchange (BSE) in an order under sections 11(1), 11(4), 11A and 11B of the Securities and Exchange Board of India (SEBI) Act, 1992 restrained the eight directors from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions.
Market regulator SEBI found Sunshine Infrabuild had allotted various types of debentures to over 8,000 investors and had raised Rs 26.62 crore during the 2010-11 to 2012-13.
In September the same year, SEBI ordered Sunshine Infra to refund the money it had illegally raised from the people with interest. It further barred all the directors from the securities market for a period of four years. The directors of violating the public issue norms laid down by them. “The company and its directors are also restrained from accessing the securities market and further prohibited from buying, selling or otherwise dealing in the securities market, either directly or indirectly, till further directions,” SEBI said in a press release. SEBI further stated that it would reference local agencies to initiate criminal proceedings against the directors for failure to comply with their norms.
According to various online consumer forums, Sunshine Infra has numerous complaints against them dating back to almost two years. 23-year-old Deepak Chaurasia, a resident of Bhopal is one such victim. An account officer with a private firm, Chaurasia had invested around three lakhs in Sunshine’s policy with assured returns of five lakh rupees. “I thought the money I had invested would help make my life more comfortable,” Chaurasia said. “I had read the policy carefully and trusted the agent who sold me the policy, but once the branch shut down, I could not do anything,” he added.
“On receipt of information regarding arrest of accused Mukesh Baghel, police team from Paali, District Kobra, Chhatisgarh visited Hauz Khas and 4 days transit remand of accused was obtained from the court for further investigation in the case,” said a senior police official.
According to the website corporatedir, BPN Real Estate And Allied Limited is still active with three directors, whereas there is no further information on Sunshine Infrabuild Corporation.
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