Another fraud case slapped against chit fund firm

Tribune News Service

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Amritsar, March 19

Yet another fraud case has been slapped against managing director of Crown Credit Cooperative Society, a chit fund company. As many as 35 FIRs have been lodged against the company across the state till now.

The city police have registered a complaint filed by four victims who had invested huge money in the company after they were allured by several persons of handsome returns.

As many as 16 persons, including Jagjit Singh, MD, Crown Group of companies, have been booked in the present case registered under Sections 420, 467, 468, 471 and 120-B of the IPC.

Among others who were booked include Jagjit’s wife Gurmeet Kaur, his father Jasbir Singh, his brother Sukhwinder Singh, his wife Amandeep Kaur, all residents of Wadhawa Singh Colony, located on Kot Mit Singh, Tarn Taran road, Satpal Singh of Khandwala, Sangita Sharma of Rajinder Nagar, Amit Malhotra, his brother Sumit Malhotra, Gourav Khanna of Shiv Colony in Islamabad, Harjit Singh of East Mohan Nagar, Manjit Singh of Gobind Nagar on Sultanwind Road, Amrik Singh of Anteryami Colony, Mandeep Singh, Gurpreet Singh of Kot Atma Ram and Jaswinder Singh of Gobind Colony in Barnala.

Indirjit Singh, Gurdial Singh, Hardev Singh, Surinder Pal Singh and Surjit Singh, all complainants, told the police that the accused had opened their office at Kot Mahna Singh on the Tarn Taran road and they had opened their branches in various cities of the state.

They alleged that they lured innocent people by saying that they would get 3 per cent interest and double their investments in three years. The accused had duped around Rs 20.67 crore from them.

Hundreds of people had been duped by the company in the past two years. The victims had formed a sangharsh committee in Malwa to get all managers, directors and agents of the company booked and arrested. The committee had pegged the scam at over Rs 10,000 crore. The previous case was registered in November 2016 by the crime branch after a special Investigating team was formed on the directions of the Punjab and Haryana High Court.

The police authorities said the recent case was registered following investigations carried by the economics offences wing of the Punjab Police. They said further investigations were under progress.

Jagjit Singh and his several accomplices were nabbed by the Barnala police in September 2015. He later managed to get bail from the high court with a promise to return the amount.

The police authorities said he was now on the run while further investigations were on.