Funds diverted into cricket betting racket, finds probe

Tribune News Service

Nikhil Bhardwaj

Ludhiana, May 25

The investigation by the Ludhiana Police Commissionerate into the fake investment app ‘V-Trade’ scam which usurped hard-earned money worth crores of people have found that money was being diverted into another illegal racket of cricket betting. Police sources confirmed to The Tribune on Tuesday that kingpin Anil Jain and his brother Jatin Jain, in connivance with prominent cricket bookies, had been diverting cash worth crores into the illegal cricket betting network. The investigating team has also identified prominent bookies of Ludhiana Chandigarh, Jaipur and Delhi some of whom have gone underground after their names cropped up in the investigation.

Eight more plaints

More complaints have been pouring in against the accused after the police busted the fake investment racket. The police have now received around eight more complaints from the people who have been deceived by the accused on the pretext of doubling their money. The police said every complaint was being verified and cases would be registered against the accused as per law.

On May 16, kingpin Anil Jain, Karamjit Kaur, Sunny Kumar and Kanav Sachdeva was arrested, Rs 71 lakh in cash, electronic equipment and 135 cheques worth Rs 3.01 crore were recovered from them. Anil’s brother Jatin Jain is still at large. The accused had collected crores from people on the pretext of multiplying investment in a short span.

Investigating team officials said Anil Jain and his brother Jatin Jain have been diverting crores of funds into cricket betting on international matches. Facts, which are being verified, signal that the two brothers had been shifting on an average Rs 30 to Rs 50 crore for cricket betting in a single day and the cash was being shifted to Chandigarh and Jaipur.

The probe team is corroborating all the facts and big disclosures will be made in the coming days. “We have identified some cricket bookies across the state who might be an equal partner in the fake investment scam. Hence, they have been diverting money into cricket betting. Bookies of Ludhiana , Chandigarh, Jaipur and Delhi have been identified and their role is being verified,” said a senior police official requesting anonymity.

ADCP Rupinder Bhatti said illegal money was being diverted into other illegal trades and police probe was on to explore all angles. Anyone involved in the racket will not be spared, Bhati said.

Avoid plaints, says kingpin’s brother

The kingpin’s brother Jatin has urged people to avoid plaints, assuring settlement of funds. The probe team has also come to know that kingpin Anil Jain’s brother Jatin Jain, who is at large, had been approaching people on the pretext of multiplying their investment via V-Trade app. and urging them to immediately settle their funds. Police officials even said the accused had also started returning money (in lakhs) to the victims.

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