HindustanTimes Thu,25 Dec 2014

Agents abduct Ponzi scheme owner

HT Correspondents, Hindustan Times  Behrampore/Kolkata, May 25, 2013
First Published: 01:58 IST(25/5/2013) | Last Updated: 02:00 IST(25/5/2013)

It looks like the Saradha effect. A small-time chit fund owner of West Bengal’s Murshidabad district, who failed to repay more than R8 crore to investors after his operation closed down last year, was kidnapped by angry agents on Friday. 


He was, however, rescued and arrested, later in the day.

Mohammad Mustakin set up Gem Dream Finance Company in 2010. He promised depositors he would double amount invested in less than five years. Around 100,000 people had invested in the firm.

But around six months back he closed his operations, stopped paying investors and went into hiding. Since then agents and investors have been on the lookout for Mustakin, who has a cheating case against him at Murshidabad’s Ranitala police station.

“The agents came to know of one of his hideouts. They picked him up and were taking him to an undisclosed location,” said the Pragati Maidan officer-in-charge Saroj Ghosh.

Sources said, Mustakin was forcibly pushed into a car by his abductors, but local people noticed and informed the police.

Finally, the abductors were intercepted and all nine were slapped with abduction charges. Ranitala police also took Mustakin into custody.

(With agency inputs)

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