Indiabulls Housing Finance on Tuesday informed stock exchanges that investigations by the Gurugram Police against a person have blown the lid off a massive organised racket.
Indiabulls had filed a complaint against one Vikash Shekhar who is under arrest and his bail petition has been denied by the courts. The organised racket was run by the duo of Kislay Panday and his father Ram Mani Panday, who are advocates by profession.
The father and son duo run a law firm from New Delhi under the name Managium Juris LLP. A structured and organised set-up enables them in projecting themselves as a legitimate law firm.
Their modus operandi is to first purchase few shares of a target company in the name of 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, said Indiabulls in a statement.
Such complaints are then sent to various authorities on behalf of the crony associates under the shareholder whistle-blower policy. Such shareholders were made to buy four shares of the company worth Rs 3,000 a month ago.
They then file a petition before the court in a manner that such petitions do not get immediately listed and then extort monies in lieu of withdrawing such complaints and petitions.
Investigating agencies are also probing their involvement in profiteering by creating turbulence in share prices of companies. "We understand that a lot of incriminating evidence has been found in the raid of offices of Managium Juris," said Indiabulls in a statement.
Earlier this month, Ram Pandey had filed a plea in Supreme court alleging misappropriation of Rs 98,000 crore by the company. On June 13, he withdrew it.
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