Nascent Company's Fall: Fraudulent Promises Uncovered

Mithun Singh, owner of Nascent Company, was arrested for allegedly luring investors with promises of shares, then closing the firm and selling its assets. He misled partners about the company's profitability, shutting down operations in 2022 and absconding with investments. Singh now runs a different company in Maharashtra.

A private firm owner's arrest has unfolded new dimensions of fraudulent activities, as Mithun Singh, proprietor of Nascent Company, faces charges for duping investors with false promises of company shares. Mithun Singh's arrest on Sunday in Maharashtra followed an extensive police investigation into his alleged deceptive practices.

According to the police, Sandeep Kumar and Rajesh Kumar accused Singh of misleading them by portraying his firm as profitable, persuading them to invest Rs 67.71 lakh under the pretense of partnership. They were assured a stake in the firm but were excluded from operations and benefits.

Authorities detailed that Singh closed Nascent Company in 2022, sold its assets, and absconded with the funds. Further revelations indicate he's now operating a new enterprise, 'Kasir', linked to fruit supplies in Palava, Maharashtra, intensifying the fraud allegations against him.

(With inputs from agencies.)