A 33-year-old man, one of the eight people who allegedly duped farmers and small-scale investors of more than Rs 55 crore through a chit fund company in Sehore district, was arrested from Chhattisgarh, police said on Friday.
Sachin Damor, a native of Thandla town of Jhabua district, was brought to Sehore on Thursday from Balod town of Chhattisgarh, where he was lodged in jail since December in a similar fraud case, Sehore Kotwali police station assistant sub inspector NR Ahirwar said on Friday.
Sachin, one of the eight directors of the BN Gold Real Estate and Allied Company New Delhi, was produced before a Sehore court on Friday. The court remanded him to police custody for three days.
The company opened offices in Madhya Pradesh in September 2009.
Its Madhya Pradesh head Hira Lal, who had duped more than Rs 55 crore from farmers and small-scale investors promising them of doubling their savings in 3-5 years, was arrested from Indore in February.
The Sehore Kotwali police had last month booked Sachin and seven other directors and employees of the chit fund company.
“We will question Sachin, who is the son of a retired railway employee, to track the properties made by the company in MP and outside from the investments made by the farmers. He, along with other directors and employees of the company, is already accused in a similar fraud case in Chhattisgarh,” Ahirwar said.
“We have already identified properties worth over Rs 40 crore owned by the accused in Ujjain, Ratlam, Shajapur, Bilaspur, Indore and Raipur,” he said.
Ahirwar said Sachin’s questioning is also crucial for tracking Manish Sharma, who had been running the company’s office in MP Nagar in Bhopal. The office is now shut down.