Chit fund scam surfaces in Ambala

Tribune News Service

Ambala, September 3

A well-knit chit fund scam has surfaced in Ambala. The illegal business, which was running for over five years, came to fore here today when the police registered a case in this connection.

The case was registered after a local resident, Chanda, moved the court to get a police case registered against the accused, who had a shady criminal past and had also been booked in Panipat in March 2017.

After coming to know about the police case, several other residents also came forward to report that they had also been duped of lakhs of rupees. However, before the police registered a case against them, the accused went into hiding.

On the direction of the court, a case under Sections 406, 420, 504, 506 and 120-B of the IPC has been registered against Vinod Kumar, who was the managing director of chit fund Legend Infratect India Limited, having its registered office in Panipat, regional manager Vikas Kaushik, branch managers Vijay Kaushik, Tripati, Sapna, Nikhil, and staffers Mainka Singh and Vijay Singh, at the Ambala Cantonment police station.

In her complaint, Chanda reported that the accused persons were running a chit fund company under the name and style of Legend Infratect India Limited.

“Earlier, they were working in Panipat since 2011, but in 2014, they shifted their base to Ambala Cantonment and allured me and others to deposit our savings in their company to get more interest than the post office or bank while giving an undertaking that they would be responsible to return their entire money,” she stated.

She further complained that she and her friends and relatives deposited their hard-earned money with the company of the accused.

“They further allured us that if we will become the members of the company, then we will get good gifts like scooters and cars and the company would also give handsome commission to us,” the complainant alleged. She said the accused also expanded their business in Ambala City and Yamunanagar.

“In 2017, the accused closed their offices in Ambala City and Ambala Cantonment without giving any information to me and others, following which I and other investors contacted the accused, who assured us that our entire money was safe and would be returned as promised,” she revealed, informing that an FIR was also registered against one of the branch managers, Vikas Kaushik, in Panipat in March 2017 under Sections 406, 420 and 506 of the IPC on similar charges for defrauding several persons in a similar fashion.

The complainant said when she and other investors demanded their money back, the accused abused them and threatened them with dire consequences. The police have initiated investigations into the case, the officials said.