Relatives, friends were scamster's targets | india | Hindustan Times
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Relatives, friends were scamster's targets

He didn’t look far to find his prey. Former Delhi MLA Ranbir Singh Kharb, accused in a multi-crore chit fund scam, induced his relatives and friends to invest money.

india Updated: Jun 19, 2009 01:22 IST

He didn’t look far to find his prey. Former Delhi MLA Ranbir Singh Kharb, accused in a multi-crore chit fund scam, induced his relatives and friends to invest money.

Since the victims trusted the accused, most did not take any receipt for the money they invested. Also, these transactions were shown as loan to avoid income tax repercussions.

Initially Kharb gave good interest to the investors and won their confidence. The victims were then lured to invest more money into the fund.

Seeking his custody in the court today, the police said Kharb’s wife Anita, who is a co-accused in the case, has been absconding.

Kharb opposed the police’s contention and said it has failed to collect evidence in the last three years after a case was registered in 2006 against him in Uttam Nagar on charges of cheating.

Another case was lodged against him a year later.

The accused MLA was produced in the court today. Scores of investors, whose money was lost in the scam, were also present and shouted slogans against the accused.

Metropolitan Magistrate Devender Nair accepted the police’s plea. The court remanded him to seven days’ police custody.

In 1998 Kharb and his wife had launched a company, Jyoti Fair Finance, and allegedly duped hundreds of people. Police said the couple induced many people to invest money in their company by assuring high interest rate.

Police said around 18 persons invested Rs 4.75 crore (approx) with the above-mentioned finance company, only to lose it to the accused who never returned their money.

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