Chhattisgarh: Directors of chit fund company arrested for fraud

Directors of Anmol India Agro Herbal Farming and Dairies Care Company Ltd were apprehended from Nagpur for duping people to the tune of around Rs 44 crore, Rajnandgaon Additional SP said.

By: PTI | Rajnandgaon | Published:October 23, 2016 5:50 pm
chhattisgarh, chit fund company, chit fund fraud, fraud arrests, chhattisgarh chit fund fraud, chhattisgarh fraud arrest, india news, indian express Chhattisgarh: Satwant Singh Bhatia (62), a native of Chhuriya village had complained that the company which was set up in 2008 at Rajandgaon town, had embezzled around Rs 8 lakh which he had deposited in the firm in installments.

Two directors of a chit fund company were arrested from Maharashtra for allegedly duping investors in Chhattisgarh’s Rajnandgaon district, police said on Sunday. Directors of Anmol India Agro Herbal Farming and Dairies Care Company Ltd — Mohammad Khalid Memon (39) and his brother Mohammad Junaid (34) were apprehended from Nagpur on Saturday for duping people to the tune of around Rs 44 crore, Rajnandgaon Additional SP Sashimohan Singh said. The accused are residents of Nagpur in Maharashtra, around 220 km from Rajnandgaon.

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Satwant Singh Bhatia (62), a native of Chhuriya village in Chhattisgarh had complained that the company which was set up in 2008 at Rajandgaon town, had embezzled around Rs 8 lakh which he had deposited in the firm in installments, Singh said.

According to the complaint, the company had assured the investors to either provide land at cheaper rate or double their money in six months. But none of the benefits were provided to Bhatia, he said.

In 2014, the company wound up their operations and escaped from Rajnandgaon, the ASP said.

Later during investigation, many other investors who had deposited their money in the company were found, Singh said adding as per preliminary information the company had duped the investors of around Rs 44 crore.

Subsequently, a case was registered against the company officials and employees and a special joint team of the Crime Branch and Basantpur police station was constituted to trace them, he said. Details regarding assets and bank accounts of all the accused are being collected, he added.