40 of Baddi lose Rs 4 cr to Korbit Coin fraud

Solan, January 30

About 40 persons in Baddi have lost Rs 4 crore for investing in a Korbit Coin company, which promised double returns in six months. This is the first such case in this bordering industrial belt.

A case was registered against officials of the company by the Baddi police today under Sections 417, 418, 420 and 120-B of the IPC for cheating, causing wrongful loss and criminal conspiracy on a complaint received by residents, said DSP, Baddi, Navdeep Singh.

“Tek Chand, a resident of Omaxe Parkwood colony, Baddi, complained that he was lured to invest in the company by Anupam Aggarwal in August last year. He had promised that his amount would double in six months. Chand was promised a return of Rs 40,000 per week on an investment of Rs 5.6 lakh. He invested the amount and also got Rs 1.5 lakh return,” said the DSP.

Encouraged by the return, Rs 24.8 lakh was also invested by him, his sister, brother-in-law and his wife. A return of Rs 4 lakh was received by them and this prompted more than 25 others to invest.

The investors were informed that the company was run by Mohammed Hazib, a Karnataka resident, and Mohammed Abbas, a Sangrur resident, while its promotor was Ramesh Dogra.

Tek Chand said the IDs of the investors were generated by Marshal Aryan.

The company was suddenly shut on November 25 and Tek Chand suffered a loss of Rs 19 lakh while a total loss of about Rs 4 crore was suffered by all investors.

The investors also said Aggarwal threatened them with legal action if anyone lodged an FIR against him.—