Birla director remanded
Source: The Sangai Express

Imphal, May 09 2025: Yumnam Meghachandra, one of the directors of the M/S Birla Emporium Private Limited and M/S IRA Finance Private Limited has been remanded to judicial custody till May 23 in connection with a case registered against him and his son BUDS Act 2019.Yumnam Meghachandra (67) s/o (L) Kulla of Khurai Konsan Leikai near Popular School, staying at present at Sambei Mamang Leikai was produced before the Additional Session Judge, Fast Track Court, Manipur East after the completion of police custody period with a prayer for judicial custody remand by Crime Branch Manipur.

On the other hand, the defence counsel filed remand objection along with a prayer seeking bail.

A State Public Prosecutor submitted that the accused was a director/signatory of M/S Birla Emporium Private Limited.

The objectives of M/S Birla Emporium Private Limited as laid down in its memorandum of association do not include any banking or money circulation business.

M/S Birla Emporium Private Limited was also found not registered with NBFC or RBI, SEBI and BML (Cooperative Societies of Manipur) however M/S Birla Emporium Private Limited concealed this feet and accepted deposits from the public and sanctioned loans to the public.

PP further submitted that application forms for depositors and loanees were issued in the name of M/S Birla Emporium Private Limited while the passbooks and loans against properties and service loans were issued in the name of RA Finance Private Limited.

It was also submitted that a tentative list of particulars of depositors/investors for an amount of approximately Rs 235 crore, list of loanees for an amount of approximately Rs 108 crore, list of loanees who have adjusted with investors and loan security depositors and details of those who have completed adjustment with loans from M/S Birla Emporium Private Limited were also collected in November 2021 .

During the course of enquiry, it was found that the accused and his son Irabanta misappropriated depositors' money entrusted to his company for personal benefit in conspiracy with one Khangembam Chingkheinganba of Thoubal Athokpam.

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