Special Investigation Team formed to take up cases of chit fund scams in Punjab

So far, police have lodged FIRs in Ferozepur, Mansa, Bathinda, Barnala, Sangrur etc districts.

SSP Sangrur Pritpal Singh Thind said that SIT has been formed on the orders of DIG Suresh Arora. “As of now, complaints were being heard on individual basis and now SIT will decide on all complaints in a common manner,” he said.

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The police have arrested MD of Crown chit fund company- Jagjit Singh Sidhu, Peepal Singh- MD of Nicer Green and Nirmal Singh Bhangoo, MD of Pearls group. However not a penny has been recovered from them so far.

Chit fund companies allegedly lured investors with the promise of doubling their money in three-and-a-half years. Many investors claimed that the first few years went well for them and they got what was promised. But in time, certain investors claimed, the scam started unfolding and they lost a lot of money in other processes.