Bhopal: Two held for duping investors in name of hefty returns, Rs 1.36 crore recovered

BHOPAL: Police have arrested two men of a chit-fund company who on pretext of hefty returns on investments had duped many people. The cops have seized Rs 1.36 crore from their possession on Friday. The accused Angad Kushwaha and  Vinod Tiwari have been sent on police remand for six days.

Police said the accused were associated with a firm Shree Swami Vivekanand a multi-state credit cooperative society and it was functioning for the last three years. The police have seized records of transactions worth crores from their possession.

The accused had their firm registered in 2016. Later, they opened the branches in Karond, Ashoka Garden, Bairagarh and Piplani.  People from Bhopal, Rajgarh, Sehore and Vidisha had fallen prey to their false promises. They would assure the investors of heavy returns within five years. The investors were prohibited from withdrawing money for a year.

They ran schemes like daily deposit scheme (DDS) ,monthly deposit scheme (MDS), one time deposit scheme. They would trap the people with easy investment plans that started with Rs 10 and Rs 100 in a day. The victims were not allowed to take their money until a year later. The accused minted several crores and the figure will be confirmed after the other victims come forward with complaints, said police.

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Free Press Journal