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Absconding JVG director nabbed

By Our Staff Reporter


NEW DELHI, FEB. 15. Krishan Murari Sharma, one of the directors of JVG group of companies that allegedly cheated people of hundreds of crores of rupees, was arrested from Mumbai by the Crime Branch of the Delhi police this past Thursday. He carried a reward of Rs. 50,000 and was declared proclaimed offender in several cases.

According to the Deputy Commissioner of Police (Crime Branch), Deependra Pathak, the

Anti-Robbery cell received a tip-off that Sharma, against whom several cheating cases had been registered in the Capital, Bihar and Haryana, was living in an Andheri West flat in Mumbai. Sharma was also the owner of GNG group of companies and along with his relatives V.K. Sharma and B.B. Sharma of JVG group of companies and Hoff Land Finance, had cheated thousands of investors of their hard-earned money.

Sharma had jumped bail in 2002, following which the police declared a reward of Rs. 50,000 on him. Acting on the tip-off about his presence in Mumbai, a police team mounted a raid at his residence. Initially, he claimed that he was not Krishan Murari Sharma. Later, he produced fake anticipatory bail, but when the police showed him the court documents issuing arrest warrants against him, he handed himself over to them. He was produced in a Mumbai court that granted the Crime Branch a four-day transit remand.

The accused, along with his accomplices, had opened non-banking finance companies through which they attracted innocent people to make profitable investments. After collecting the investments, the owners vanished from the scene. The fraud, one of the biggest of its kind in 1990s, had shaken the confidence of small-time investors and deterred them from making investments in non-banking finance companies, adversely affecting the country's economy. The police said Sharma's wife, Sunita Sharma, and another accomplice, retired Colonel T.S. Bhan, are still absconding. Bhan is proclaimed offender in more than 50 cases.

The Crime Branch has informed other agencies investigating the fraud cases pertaining to JVG and related group of companies about Sharma's arrest. Meanwhile, a hunt for his wife and Bhan is on.

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