MP: Rs 20-cr property of chit fund company seized for fraud

The Mandsaur police on Tuesday seized property worth Rs 20 crore in Agra in Uttar Pradesh owned by the Sun Shine Infrabuild Corporation, a chit fund company.

The Mandsaur police on Tuesday seized property worth Rs 20 crore in Agra in Uttar Pradesh owned by the Sun Shine Infrabuild Corporation, a chit fund company.

The seizure was in connection with a fraud case registered against the company at Mandsaur’s Kotwali police station, police said.

The company lured investors saying that they would double their money in a couple of years and after collecting crores of rupees from the gullible people, the company closed its offices and vanished, said Kotwali town inspector MP Singh Parihar.

The company cheated people to the tune of `30 crore and a case under Sections 420, 402, 408, 471, 406 and 120 B of the Indian Penal Code was registered against the promoters of the company on October 8, 2015, he said.

Police arrested three promoters of the company–Dharma Singh Kushwaha, Harish Baghel and Surendra Singh Baghel–from Pidawa in Rajasthan’s Jhalawar district. The trio was brought to Mandsaur and during questioning they revealed that they had constructed 84 flats in Agra with the money collected from investors, which the police have seized.

The trio also revealed the whereabouts of another accomplice Mukesh Singh Baghel and police arrested him from Vinod Nagar in Bhind.

During interrogation Mukesh Singh Baghel told police that he invested `10 crore to buy property in Sehore. “A team of Mandsaur police will go and seized the property,” Paihar said.