MUMBAI: Investigations by the Gurgaon police into a complaint filed by Indiabulls against one Vikash Shekhar who is under arrest (the bail petition of Vikas Shekhar has been denied by the courts) has blown the lid off an organized racket 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 Delhi under the name Managium Juris LLP with staff strength of around 10 people advertising on their website a firm of 3000 lawyers. A structured and organized set-up enables them in projecting themselves as legitimate law firm.
Their modus operandi is to first purchase few shares of the target company in the name of their 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.
Such complaints are then sent to various authorities on behalf of the crony associates under the shareholder whistle blower policy. Such shareholders are made to buy 4shares of the company worth Rs.3000 only a month back.
They then file a petition before the court in a manner that such petitions don’t 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.
Upon evaluation of the evidences gathered so far in the case and statements recorded by various employees of Managium Juris under section 164 in front of a judge, the courts have issued non bailable arrest warrants against Kislay Panday and Mani Ram Panday. Both of them are absconding and on the run.
Records at the Seemapuri Police Station, Delhi show that there are at least 4 FIR’s against Kislay Panday and Ram Mani Panday filed between the years 2002-2011 by various individuals for offences such as cheating, fraud, extortion, blackmailing, threatening and offences under the Arms Act.