Ponzi scheme victim alleges police inaction | punjab | Hindustan Times
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Ponzi scheme victim alleges police inaction

City resident has accused a local chit-fund company of duping people by making them invest their money with them, and not returning it. The complainant, Karamjit Singh, a resident of Kishore Nagar on Tajpur Road, who had invested money with the firm, alleged that he filed a written complaint against the firm at Division Number 7 police station, as well as the police commissioner on January 5, but to no avail.

punjab Updated: Jan 14, 2015 15:23 IST
HT Correspondent

City resident has accused a local chit-fund company of duping people by making them invest their money with them, and not returning it.


The complainant, Karamjit Singh, a resident of Kishore Nagar on Tajpur Road, who had invested money with the firm, alleged that he filed a written complaint against the firm at Division Number 7 police station, as well as the police commissioner on January 5, but to no avail.

Complainant alleged that the accused have come to know about the complaint and they had been threatening him with dire consequences. He said the firm was being run by some residents of LIG Colony on Chandigarh Road and they allured him to enter in the Lucky Scheme.

“The accused told him that he has to pay `1,000 per month for 30 months. Every month the company will hold a lucky draw, if he wins he will get `30,000 as prize, and then he doesn’t have to pay rest of the amount. If he will not win, then at the end of the scheme he will get his `30,000 back,” Karamjit Singh said.

He alleged that he had joined the scheme in February 2014, and the accused issued him a card and allotted him a membership number. In august 2013, he won the draw, but the accused failed to pay him the prize money, he said. Later, the accused refused to give him a single penny, he alleged.

He alleged that the accused had even sent a fake legal notice to him for dishonour of a cheque of `7 lakh to pressurise him.

The complainant alleged that the accused used to run the scheme under patronage of local politicians that have influenced the police for not taking action.Contacted, inspector Dalip Bedi, SHO at Division Number 7 police station, said the police have been investigating the matter.