.

Cheating case filed against SpiceJet MD Ajay Singh, others in Gurugram

.

A case of fraud has been registered against SpiceJet Chairman and Managing Director Ajay Singh and others

.

 for allegedly cheating a Gurugram resident by delivering fake share certificates to him.

.

Complainant Amit Arora, a resident of Magnolias, Golf Links, Golf Course Road, Gurugram,

.

alleged in his police complaint that Singh delivered a forged depository instruction sheet (DIS) for 10 lakh shares in exchange for services rendered.

.

On July 7, a case was registered at the Sushant Lok police station under Sections 420 (cheating and dishonestly inducing handover of property)

.

and 406 (criminal breach of trust) of the Indian Penal Code (IPC).

.

According to Arora, the former Spicejet proprietors, Kalanithi Maran and Kal Airways Private Limited,

.

 engaged into a Share Sale and Purchase Agreement with the accused Ajay Singh in 2015, in which their whole stock was transferred to him.

.

"Singh told me to take over the company as it was in a dire financial situation in terms of fuel charges with various oil companies,

.

pending statutory dues, air fleet parking charges, salaries and other vendor payments, etc.

.

 To survive, they said, company required a complete overhaul and financial restructuring," Arora told the police.

.

In place of the same, Singh promised to transfer 10,00,000 shares to the complainant.

.

Thereafter, the complainant worked in good faith and delivered his services.

.

In October 2016, the complainant requested Singh to transfer shares as had promised to him.

.

Instead of transferring shares, Singh provided a DIS. Singh represented that to deposit such slip with his depository participant,

.

 Global Capital Markets Limited. However, when the complainant's representative went to deposit the said slip, he was informed that it was invalid and outdated.

.

Thereafter, the complainant approached the accused multiple times and sought personal appointments to seek fresh depository instruction slips.

.

Click below to see more web stories.