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Chit fund companies have developed a new method of investing their ill-gotten money. They are investing in crpytocurrency, said the state crime branch which learnt about in course of the investigation into the multi-crore Credit Crown Chit Fund scam. After duping several people of Punjab, Credit Crown Co-operative Society (CCCS) has set up offshore companies that are being run from the United Kingdom.
Besides UK, the CCCS management is also operating in Thailand, Malaysia and Dubai. CCCS Chief Executive Officer Mohsin Jameel has been holding seminars in Dubai, Thailand and Malaysia to woo Indian investors. Jagjeet Singh, alias Ladi, the Managing Director of CCCS, who is still at large, and Jameel, a resident of UK, diverted the money abroad and launched various companies dealing in cryptocurrency. The crime branch has so far found that seven companies were being run by the scam accused.
Investigation has revealed that Jagjeet has launched a company, Tradenext Global Limited, which is being run with the help of Jameel from Copthall Avenue in London. He has also been named in the FIR registered by the crime branch.
The chargesheet, filed by the crime branch, a copy of which is with Chandigarh Newsline, mentions that after duping investors, Jagjeet launched several companies, including Tradenext Global Limited, Bombay Investment Group, Capital Consultant Limited, Crown Optimistic Private Limited, Big Investment Advisory Limited, Baba Investment Company and One Coin.eu.
The chargesheet also mentioned that the crime branch has received a total of 470 complaints from across the state. While 163 complaints were against CCCS, 16 were against BIG, 131 against Future Choice Group, 32 against Live Trading India Company, 15 against Mega Fine Agro Concept Limited, seven against Niser Green Housing and 106 against 4S Forever. All these companies were floated by CCCS.
The chargesheet has even mentioned the names of 462 investors, duped by the CCCS. The chargesheet was filed under sections 406 (criminal breach of trust), 420 (cheating), 467 (forgery of valuable security), 468 (forgery for purpose of cheating), 471 (using forged document as genuine), 120B (criminal conspiracy) of IPC and Sections 4 and 5 of Prize Chit and Money Circulation Scheme Banning Act.
The scam came to light in 2015 following which an FIR was registered against CCCS on October 9, 2016. Then, a Special Investigation Team (SIT) was formed which recorded the statements of the victims.
Speaking to Chandigarh Newsline, Jai Kumar, Secretary of Credit Crown Sangharsh Committee, which is fighting for the victims, said they have received threats from one Manoj Kumar Saini, an accused in the case. He added that they have lodged a complaint against Saini with IG (Crime) Naunihal Singh last week.
“Only 18 people have been arrested while 60 others are on the run. We have also submitted details of the properties of Mohsin Jameel and Jagjeet Singh to the Enforcement Directorate and written to Union Home Minister Rajnath Singh to initiate action against people living abroad,” said Jai. He also alleged that Jameel has again started duping people in Punjab with the help of Jagjeet.