PANAJI:
Judicial Magistrate First Class, Mapusa, earlier in the week sentenced Albert D’Souza and Maria August D’Souza, top office bearers of Goan Overseas Housing Investment and Finance Ltd, a Mapusa-based company, to three years imprisonment while also imposing a fine of Rs 10,000 on the company and both the convicts.
The fine amount of Rs 30,000 has been ordered to be disbursed to the complainant, Thomas Braganza of Calangute, Bardez, who was duped of Rs nine lakh of his life savings.
Albert, the chairman and managing director of the company and Maria, the company’s director with their common intention cheated Braganza of Rs nine lakh and dishonestly induced him to part with the amount as an investment in their company.
In his judgment, JMFC, Mapusa Carlos Santana da Silva ruled, “Till date, not a single rupee has been paid… this is a clear case of an aggravated form of cheating.”
Braganza filed a criminal case against the accused in 2007 charging that Albert intentionally induced him to invest his life savings by painting a very rosy picture of the company through a brochure.
Albert visited Braganza’s residence several times and even secured a business loan from him before promising him an interest of 22.14 per cent on investment in fixed deposits and shares in the company. However, after Braganza invested in the company, he was neither paid the promised interest nor was given back the principal amount.
The brochure, which was given to Braganza by Albert during one of his visits, stated that Goan Overseas Housing Investment and Finance Ltd is the ‘number one investment company in Goa’.
Brochure corroborated the complainant’s accusation that the company’s position was misrepresented to him. The document stated that the company is the most attractive finance company in Goa, winning the trust of a large number of Goan investors just over a period of one year and that the company had full-fledged branches at Panaji, Margao, Vasco, St Estevao, Agassaim, Daman and its headquarters at Mapusa.
The brochure further misrepresented that the company has requests from investors to establish branches at Kolhapur and Sawantwadi.
It said that the company initially made a successful beginning in North Goa and that it has already established itself in South Goa by accepting deposits, financing and funding projects. The brochure further misrepresents that professionalism, efficiency and warmth are characteristic trademarks of the company.
Court ordered an inquiry before framing of charges in order to ascertain the allegations leveled by Braganza, who worked in the Middle East and returned to Goa after retiring.
Branganza also produced fixed deposit receipts, share certificates and 28 acknowledgement slips issued by the company and by Albert.
The Court was satisfied that the necessary documentation proved that the investment was made by the complainant in the said company and ruled that this proved the intentional inducement of delivery of the money.
Court also observed that the accused failed to respond to even a single of the several letters written by the complainant expressing great anguish and almost desperation seeking explanation over the situation.
Meanwhile, the judgment was pronounced in the absence of the accused who repeatedly failed to appear before the court.
