Jamnagar police bust share certificate racket

JAMNAGAR, Feb 15: The city police said here today they had busted a racket in the issue of fake Indira Vikas Patras (IVPs) and share cert...

JAMNAGAR, Feb 15: The city police said here today they had busted a racket in the issue of fake Indira Vikas Patras (IVPs) and share certificates of a leading company, and arrested four persons in this regard.

District Superintendent of Police Ajay Tomar said the Crime Branch police trapped Dilip Hemraj Barchha, a resident of Patel Colony here, and seized 18 fake IVPs of Rs 5000 denomination, on February 5.

Barchha revealed that he worked in partnership with a few others in Vadodara and Mumbai. Investigations led to the arrest of three more accused. Vadodara-based Ketan Gorania of an iron casting unit had procured fake IVPs and bogus share certificates worth Rs 2.37 crore from Shekhar Sunilbhai Bhatt with the help of his accomplices Tapas Santoshrai Khatri and Gajvirsingh Dharamvirsingh Chauhan, all from Mumbai.

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Except for Gornia, the others were arrested, sources said, and added that Gorania had pledged fake IVPs and bogus share certificates worth Rs 2.37 crore to the Bank of Baroda against the bankloan of Rs 1.30 crore in the names of different persons in Vadodara.

The bogus IVPs and share certificates were printed by Safat Ahmed alias Guda Mohammed Ansari and Sarfaraz Ahmed alias Hamid Gulam Mustafa from Mumbai, who were earlier arrested in connection with a fake revenue stamps scandal.