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7 chit-fund company officials booked for duping man

The district police have booked seven officials of a chit-fund company for allegedly duping a man of Rs 3 lakh by making him to invest in the company and cheating him.

punjab Updated: Nov 06, 2014 23:13 IST
HT Correspondent
HT Correspondent
Hindustan Times

The district police have booked seven officials of a chit-fund company for allegedly duping a man of Rs 3 lakh by making him to invest in the company and cheating him.

Based on a complaint by Lucky, a resident of Amarpura Basti here, the police have booked officials of Live India Trading Company, including Amandeep Singh and Bablu, sons of another accused, Jagjit Singh, and residents of Bhucho Mandi near here including Ashok Kumar, Chamkaur Singh, Bhupinder Gupta and Shrikant.
A case under sections 420, 406, 120 B and Prize Chits and Money Circulation Schemes (Banning) Act, 1978, has been registered against them.

The complainant has alleged that, on October 17, 2013, all the accused came to his house and asked him to invest in their Live India Trading Company and assured him of 10% interest on the deposited amount and pay back the full amount after one year.

He alleged that, on an assurance by the accused, he got Rs 3 lakh of his cousin brother Jaswant Singh deposited in the company on January 28, 2014.

"The company paid him interest till June 2014, but after that it neither paid the interest nor the amount his cousin had invested in the firm," he alleged.

However, it took the police about two months to register a case in this case as the complaint in this connection was made in September. SP (Detective) Swaran Singh Khanna said that a case has been registered after an inquiry into the allegations.

It is pertinent to mention here that the state government had,in September, ordered all the additional deputy commissioners (ADCs), development, to book "illegal" chit fund companies, saying it has not authorised any such company to operate in the state.

Punjab finance minister Parminder Singh Dhindsa had said that the government had come to know that such money-collecting and multi-layer marketting schemes were in operation in the state but they were banned under the Prize Chit and Money Circulation Schemes (Banning) Act, 1978.

The district has witnessed three such cases in the past three months including the present case. In earlier complaints, the police had booked a brother-duo Manjit Singh, a resident of Basant Vihar here, and Karamvir Singh, a resident of Delhi, after both officials of Sujas Capital Private Limited allegedly cheated Ravinder Kumar and Rajinder Kumar, residents of Kamala Nehru colony here.

In another such case, the police had arrested eight employees of E -Biz Vision Private Limited in September for cheating people in the name of chain business. All have been granted bail while the police are searching for the company's owner Kamal Kumar, a resident of Delhi. The case had come to limelight after three women, during a seminar of the company leveled, allegations of fraud.

First Published: Nov 06, 2014 23:11 IST

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