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

The Special Investigation Team will arrive in Sangrur on June 14 where investors can air their grievances.

Written by Raakhi Jagga | Ludhiana | Published: June 11, 2016 11:42 am
Chit fund, Chandigarh, Punjab chit fund scams, chit fund scams, Nicer Green, Pearls Group, special investigation team Punjab, special investigation team chit funds, Chadigarh chit fund scams,  Chandigarh news, Punjab news, India news, latest news, national news A Special Investigation Team is being formed to look into chit fund scams in Punjab. (Express photo)

A special investigation team (SIT) has been formed to take up cases related to chit fund scams in Punjab. The SIT includes DIG (crime) Jaskaran Singh and AIG (crime) Sushil Kumar.

They will arrive in Sangrur on June 14 where investors can air their grievances. In the recent past many cases have emerged alleging that chit fund companies cheated hundreds across the state of their money.

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.

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