Punjab organic farming “ponzi scam”: Over 23,000 investors, Rs 170 crore invested; 8 held, says Khanna SSP

Farmers and other people from across Punjab were allegedly lured to invest in the firm which claimed to promote organic farming and promised double returns, said SSP Yadav.

“The firm lured innocent people by promising 8 per cent monthly returns on investments — claiming that money invested in the firm would double in 25 months. They deceived investors by saying the firm was engaged in the organic products business, including supplying vermicompost manure and developing organic farming projects worth Rs 20 lakh each. However, they failed to fulfil their promises. The accused later invested the cheated money into buying land, which they resold at higher prices, earning threefold profits,” said SSP Yadav in a statement.

So far, the Khanna Police have registered three FIRs against the owners/representatives of the firm at Samrala police station, dated September 17, 18 and October 4 for alleged cheating, forgery, organised crime among other offences under the BNS sections, and sections 4 & 5 of the Prize Chits and Money Circulation (Banning) Act, 1978

“During the investigation, police seized laptops, CPUs, monitors, keyboards, and mobile phones from the firm’s office. Records obtained from the Registrar of Firms and Registrar of Companies revealed 9 other related firms linked to the same accused. A total of 44 bank accounts (21 registered in the name of the company and 23 personal) have been frozen, holding Rs 1.15 crore,” said SSP.

“It was found that fake UDYAM certificates were used to open company accounts under the same address, which was falsely shown as an office. Additionally, 6 benami (proxy) properties have been traced and verified,” added the statement from Khanna Police.

Police said that a total of 23,249 investors have been traced so far who had invested Rs 170.57 crore in the firm and were lured with the promise of double returns.

The arrested persons have been identified as: Avtar Singh of Kheernia village, Samrala; Bikramjit Singh and Harpreet Singh of Gailewal village, Samrala; Amit Khullar of Nawabpur (Ferozepur); Jatinder Singh of Ward No. 9, Khanna Khamo, Patiala; Jaspreet Singh alias Jassi of Pind Jalnupur, Samrala; Jagat Singh of Prem Street, Khanna and Dina Dayal Verma of Kucha Partap, Khanna.

Police have urged victims who were cheated by the firm to contact the Special Investigation Team (SIT) to record their statements under Section 180 BNSS.