Fatehabad Police Crack Down on Fake Chit Fund Scheme, Arrest Woman Managing Director
In a significant development, the Fatehabad police on Saturday announced the arrest of a woman managing director of a company for allegedly orchestrating a fraudulent chit fund scheme. The accused, identified as Khushi, a resident of Simbalwala village in Tohana, was apprehended by the economic cell team after complaints surfaced of investors being defrauded of substantial sums under the guise of high returns.
Modus Operandi: Luring Investors with False Promises
According to police officials, the accused lured unsuspecting individuals with assurances of monthly returns ranging from 10% to 15% on their investments. Inspector Sandeep, who leads the economic cell, stated that the case was registered based on formal complaints filed by Baljit Singh of Jandali Kalan and Kavita from Bhuna village. The FIR has been lodged against Prince Pakhi Education World Private Limited under multiple legal provisions, including sections of the Bharatiya Nyaya Sanhita, the Haryana Protection of Interest of Depositors Act, and the Banning of Unregulated Deposit Schemes Act.
The police investigation revealed that Khushi convinced victims her company was engaged in legitimate gold trading and share market investments based in Dubai. Enticed by the prospect of lucrative profits, the complainants collectively invested a total of Rs 29.25 lakh into the scheme.
Initial Trust-Building Followed by Default and Misappropriation
In a classic pattern of such scams, the accused initially returned a portion of the invested money to the victims to build credibility and trust. However, she later defaulted on subsequent payments and is alleged to have misappropriated the remaining Rs 23.03 lakh. When the investors demanded the return of their funds, the situation escalated dramatically.
The victims reported that the accused not only refused to repay but also resorted to abusive language and threats. She allegedly warned them that she would implicate them in false legal cases if they persisted with their demands, adding a layer of intimidation to the financial fraud.
Ongoing Investigation and Legal Proceedings
The Fatehabad police have confirmed that further investigation into the matter is actively underway. Authorities are examining the full extent of the scam, including potential involvement of other individuals or entities, and tracing the flow of misappropriated funds. This case highlights the risks associated with unregulated investment schemes and underscores the importance of due diligence before committing funds to high-return promises.
Inspector Sandeep emphasized that such operations are part of a broader crackdown on financial fraud in the region, aimed at protecting citizens from predatory schemes. The arrest serves as a warning to others involved in similar illicit activities, as law enforcement agencies intensify efforts to curb economic offenses under stringent legal frameworks.
