Delhi: Businessman held for cheating 24 in chit-fund fraud | Delhi News – Times of India


NEW DELHI: A businessman has been arrested by the Economic Offences Wing of Delhi Police for allegedly cheating a group of traders by promising them very high returns if they invested in his chit-fund company.
The accused, Mool Chand, was arrested after 24 of his alleged targets filed a joint complaint, claiming Chand induced them to invest as monthly deposit in his chit fund scheme. “The scheme was floated with 20 shares of Rs 10,000 each for a period of 20 months. The victims started depositing monthly installments,” said a police officer. The accused had collected around Rs 50 lakhs from several persons from his locality and then absconded.
During investigation, it came to fore that the accused had a small factory manufacturing paper plates. However, after the company started making losses, he started the running the chit scheme, which is known as ‘committee’ in common parlance.Most of the payments were collected in cash and the accused also maintained registers for keeping q record of the subscribers and their respective share.
Some of the victims were given cheques as security against their payments/deposit. The cheques, later on, got dishonoured upon presentation.
In January 2021, the money was to be paid back in lump sum after maturity of the scheme. When the subscribers started asking Mool Chand to pay their money back, he sold his house and absconded along with family. He was tracked on the basis of surveillance and local intelligence, police said.

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