Lookout notices against 8 chit fund scam accused

Jupinderjit Singh

Tribune News Service

Chandigarh, August 21

After three years of investigation and hundreds of complaints, the Punjab Police have issued lookout notices against eight top accused in the multi-crore crown chit fund scam.

The crime branch of the state police has issued the notices against CEO Mohsin Jameel and Managing Director Jagjit Singh of the crown chit fund and its sister companies. Jameel is said to be living in the United Kingdom, while whereabouts of Jagjit Singh are not known.

Both were declared most wanted criminals and proclaimed offenders earlier this year. The Enforcement Directorate has also written to the UK Government to attach properties of Jameel in that country. In June this year, the Barnala police arrested two persons who had arranged fake sureties for Jagjit Singh that enabled him to flee abroad.

Others against whom lookout notices have been issued include Gurmeet Kaur (wife of MD Jagjit Singh), Jagtar Singh Bhullar, Jaswinder Singh Kaler, Ravinder Singh Papra, Ranjit Kaur and Avtar Singh.

Director, Bureau of Investigation, Pramod Kumar has issued the notices.

The crown chit fund company fraud has allegedly affected thousands of gullible investors in Punjab and some parts of Haryana as well. The companies were floated in 2011-12. It lured investors on the promise of doubling or tripling their savings in a specified duration of investment.

However, the company fulfilled promises initially before shutting shop in 2015. MD Jagjit Singh and some other key accused were arrested, but later were released on bail on the promise that he would return money of the investors. The MD allegedly jumped bail and went abroad.

Jai Kumar, General Secretary of the Crown Chit Fund Sangharsh Committee, said the accused floated seven companies with the same modus-operandi to dupe investors.

Two investors have committed suicide till date. The police have arrested about 25 accused so far. Besides the crime branch of the state police, the Enforcement Directorate (ED), Punjab, is also investigating the use of illegal financial channels to transfer to alleged ill-gotten money abroad.