Kingpin of `200-crore scam sent to Jaduguda police custody | ranchi | Hindustan Times
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Kingpin of `200-crore scam sent to Jaduguda police custody

ranchi Updated: Apr 22, 2015 15:49 IST
Probal Sanatani

Kamal Singh, an ex employee of Uranium Corporation of India limited (UCIL), who had been absconding for over two years in an alleged money laundering case worth `200 crore, was remanded in Jaduguda police custody on Tuesday after his arrest from Assam last week which sparked celebrations among some of his duped clients.

Officer in charge of Jaduguda police station Ajay Yadav said, “We hoped for Singh’s remand and got the nod from the court. Kamal is in our custody for

Singh,a resident of Jaduguda, is accused of running a chit fund under the Raj Com banner and collected huge amounts of money from the people of Potka, Jaduguda, Musabani and other parts of the district. He escaped with the money on September 23, 2013. Several cases were lodged against Singh, his agents and some family members.

The police also seized his properties in Jaduguda - the Raj Tower shopping mall, Raj restaurant, Raj variety store and Raj Com mobile company - and sealed them.

Many people in Jaduguda and investors who were cheated by Singh celebrated his arrest by bursting crackers. He had allegedly cheated around 5885 people who had invested their money in his company.

Senior superintendent of police, East Singhbhum, AB Homkar said, “The police tracked Singh’s position by tracing his mobile phone. Two police teams acted on the information and went to Guwahati to arrest him.”

Singh used to cajole his customers by promising interest rates of up to annual 60%. People kept investing until Singh winded up his company and escaped. Investors like Rabindra Nath Singh of Dharamdih, Jaduguda, who were duped by Singh expressed their satisfaction over his arrest.

President of Raj Niveshak Sungh BM Arun said the accused had cheated residents of Bihar, Odisha and Jharkhand.
“A CBI inquiry should be started against him and the other accused involved in the scam should be put behind bars,” Arun said.

“The administration should ensure the return of money to the investors which the accused had taken in the name
of investment.”