Day by day, something or other happens in cases related to fraudster or swindling. In India, such issues go viral and are often linked to businessmen duping money and getting away easily.
While there can be numerous reasons as to why someone can cheat or will cheat puts us to question our thoughts on the system. Things like these can be distressing to see when we don't have the answers for ourselves.
As we are all aware that the breaking news of Ajay Singh getting arrested by the police has left many viewers anxious. The curiosity is only rising as to why and what happened that led to his incarceration.
Recently, Ajay Singh, an Indian entrepreneur and the Managing Director of SpiceJet airline, has been booked for defrauding a businessman of Rs 10 lakh worth of shares.
Who is Ajay Singh?
Born on the 29th of December 1965, Ajay Singh was brought up in Delhi's Maharani Bagh area. His father belonged to Alwar, and his mother was from Meerut.
He did his graduation in engineering from the Indian Institute of Technology, Delhi, and holds an MBA degree from Cornell University in the United States. Besides this, he is also a law student and holds a degree from the University of Delhi.
Ajay Singh is married to Shiwani Singh. The couple has a daughter named Avani Singh, who is an alumnus of Standford University.
Career and Foundation of Spicejet
Ajay Singh co-founded India's second-largest airline SpiceJet in 2005. He started the airline with the object to make airlines affordable for every Indian. After about five years since the inception of SpiceJet, Ajay Singh exited the company.
When the company was on the brink of shutting down, Ajay Singh decided to take over SpiceJet again. Soon after his leadership, the airline started to grow making it one of the best-time performers among several other airline service providers.
Ajay Singh is known for his all-rounder personality, such as being a businessman, sports administrator, bureaucrat, and investor. He is currently the Chairman and Managing Director of SpiceJet.
Ajay Singh is fond of sports and games. Keeping in view his liking for sports, he is the President of the Boxing Federation of India, and Associate Vice President of the Indian Olympic Association. On 25 September 2016, Ajay was elected as the President of the British Film Institute (BFI).
He is also the first-ever Indian to Chair the Aviation, Travel and Tourism Governor's meeting at the World Economic Forum, Davos in 2019.
Due to his sharp leadership skills, SpiceJet was responsible for the Boeing order of making 50 Bombardier Q400 planes. The order was approved by then US President Donald Trump.
Political Alliances of Ajay Singh
Many believe Ajay Singh to be the BJP's right-hand man. He is the go-to person for every member of the party for any kind of political advertisement.
Ajay Singh is associated with politics as he managed the campaigning for the BJP during the 2004 and 2014 general elections. He is the man behind the famous slogan, "Abki Baar Modi Sarkar", which translates to Now is the time for Modi Government.
Most of the opposition parties refer to him as "Chhota Ambani or Chhota Adani of Narendra Modi for being privileged under Modi's political clout."
Why Was Ajay Singh Arrested?
Amit Arora, a Gurugram businessman has filed a complaint against the Managing Director of SpiceJet, Ajay Singh for delivering a fake Depository Receipt (DIS) worth Rs 10,00,000 shares.
In his complaint, Amit Arora revealed that Ajay Singh had promised him shares worth Rs 10 lakhs of SpiceJet for the services Amit had provided him during the time when Ajay brought over the airline from the promoters.
He claims that when he approached Ajay, he handed him a depository slip, which was later found out to be invalid. Upon reaching him several times, Ajay Singh denied paying him the shares.
Since there was no option of getting the shares from Ajay, he pressed the charges against him. Additionally, he has claimed that Ajay has been cheating many others in the same manner. He got to know from a source that a person named Chetan Nanda and Priti Nanda had charged a criminal complaint against Ajay Singh and that they were duped of their shares in the same manner.
On 11 July 2022, Ajay Singh has been arrested by the Gurugram police under Sections 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant or banker, or agent), 415 (deception), 417 (cheating), 420 (cheating and dishonesty) of the Indian Penal Code.
To clarify the allegations against Ajay Singh, an official from SpiceJet has stated that these allegations are done to defame Ajay Singh and are inauthentic. The company is soon going to file a defamation suit against Amit Arora, who is the complainant.
The administrator from SpiceJet said,
"A frivolous, mischievous and completely bogus complaint has been filed by a liquor dealer Amit Arora with Gurugram police with an intention to hurt SpiceJet and Ajay Singh's image."
The case is under investigation. Some reports suggest that the high court has issued the case as a non-bailable warrant against Ajay Singh as he was unable to appear before the court due to covid isolation. Only time can tell what will happen next.
Why was Ajay Singh arrested?
Ajay Singh, the chairman of SpiceJet was arrested for defrauding a Gurugram businessman for Rs 10 lakh worth of shares.
Who is the owner of SpiceJet?
Ajay Singh is the owner, chairman and managing Director of SpiceJet.