Madhya Pradesh: Chit Fund fraud in Mandsaur, administration to dispose property of Sunshine Hi-Tech Infracon worth Rs 30 cr

Mandsaur: Mandsaur police have ordered for the disposal of property worth Rs 30 crore of chit fund Company Sunshine Hi-Tech Infracon.

The directors and operators of the said company had opened a branch at the Gol Chauraha Balaganj Mandsaur in 2012 and 2013 and organised a seminar in the Baser Hotel and lured the people with 16 per cent interest on Recurring Deposits (RD) and 20 per cent interest on Fixed Deposits (FD).

They tempted the people to invest by saying that the amount will be doubled in 5 years and also lured them with commissions. In this way they made the investors of Mandsaur and nearby areas to invest more than Rs 12.86 lakhs. They had duped the investors in this manner.

When the directors and operators of the company closed the office and disappeared before the maturity of the RDís and FDís-- the investors lodged a police complaint. A case was registered under relevant sections and the director of the company was arrested.

Based on the revelation made by the said director the cops seized documents of properties worth Rs 30 crores and released orders for the disposal of the said properties through the District Magistrate Mandsaur.

The order has given a ray of hopes of the people who have invested their hard-earned money with the chit fund company. The company had purchased movable, immovable properties in various states like Gujarat, Maharashtra and Madhya Pradesh with money of the investors.

(To receive our E-paper on whatsapp daily, please click here. We permit sharing of the paper's PDF on WhatsApp and other social media platforms.)

Free Press Journal

www.freepressjournal.in