A managing director of a chit-fund company on Monday was sent to two days police remand for allegedly duping investors of crores of rupees. A protest rally was taken out by the investors who demanded back their money.
Arrested two days ago in Uttar Pradesh, Pipal Singh Sandhu, a local resident, in 1993, had floated Nicer Green Forest Limited. He invited people to invest in his real estate company and assured them of fat returns with better interest rates than banks.
Within a very short span, Pipal wrote the tale of rags to riches and the turnover of the company soared to several hundred of crores. Later, he launched another real estate firm; Nicer Green Infrastructure and housing development, besides other several finance companies.
In the meantime, the slump in real estate in recent years hit the image of the company which made investors insecure and they demanded their money back. When they did not receive their money, they started filing police complaints against the company in general and Pipal in particular.
Pipal was booked by the local police and after bringing him from UP. He was presented before a local court on Monday, which sent him to two days police remand. Meanwhile, investors have submitted a memorandum to Ferozepur police and demanded earliest relief.
Ferozepur SSP Manminder Singh said they would provide justice to investors.
“We are probing the entire matter and whosoever found guilty would be taken to task,’’ said SSP. Similarly, in February, Abohar-based Neeraj Arora was also charged of duping people of crore of rupees.