Rs 283 crore chit fund scam: 167 branches in 7 states dupe 2 lakh investors

GURUGRAM: The 33-year-old guy, who used to be picked up in Bhopal and delivered to town in connection with a Rs 283-crore chit fund fraud, used to be the brain behind the scam, police said on Tuesday after the first round of interrogation.
Investigators further said that Sanjay Mewara, at the beginning from Dhawla Dheer village in Shajapur (Madhya Pradesh), had duped over two lakh folks through as many as 167 branches set up in towns around the country between 2008 and 2017.

In Gurugram, he cheated five,500-odd traders of Rs nine crore through his chit fund company Sriram Real Estate and Business Solution Private Ltd in Sohna.

According to the police, Mewara, a science graduate, had started his chit fund business in 2008. Upbeat over a a hit run in Madhya Pradesh, Chhattisgarh, Rajasthan, Himachal Pradesh, Maharashtra and Andhra Pradesh, he had set up a shop in Sohna in 2012.

He controlled to entice 1000's of gullible traders, promising double go back in 5 years. When the choice of traders shot up, he introduced triple go back in six-and-a-half years. Police additionally said Sriram Real Estate and Business Solution Private Ltd used to be most effective one of the a lot of firms he had set up to cheat folks.

Ananya Group of Companies, Herbal Fleet, Sai Ram Buildtech, Shree Ram Private Ltd and Samariya Group are one of the most other chit fund companies he had set up and eventually close down after dishonest traders.

In Gurugram, the police were given a whiff of the scam in August final year when around 20 traders lodged proceedings towards Sriram Real Estate, Mewara and other company officers together with chairman Deepak Kumar Dhangi and directors Mohsin Hussain, Talib Hussain, Muhshid Khan, Rajesh Kumar, Arvinder Singh and Hans Raj. But even prior to the industrial offences wing swung into action, the accused close down their administrative center in Sohna and fled with the traders’ cash.

While four of the accused were arrested earlier, Mewara used to be picked up via the police just lately. Interrogation later published that Mewara had bought properties value Rs 18 crore in Bhopal.

These aside, he had bought properties in Rajasthan and Andhra Pradesh with the money collected from traders.

On Tuesday, a group of Gurugram police took Mewara back to Bhopal for further investigation.

“He had raised around Rs 283 crore through 167 branches set up around the towns. He had been dwelling secretly in Bhopal along with his circle of relatives for the final one-and-a-half years when Gurugram police arrested him. In truth, he used to be dwelling in rented properties, converting his address each and every one or two months to flee arrest,” said ASI Rajvir, the investigation officer.

Mewara used to be additionally wanted in more than 8 cases filed in Madhya Pradesh, Rajasthan and Chhattisgarh, ASI Rajvir, added. “He is now in police remand and we are trying to find out about the whereabouts of some of his pals. They too will be arrested quickly,” said Sumit Kuhar, DCP (crime).

Rs 283 crore chit fund scam: 167 branches in 7 states dupe 2 lakh investors Rs 283 crore chit fund scam: 167 branches in 7 states dupe 2 lakh investors Reviewed by kailash soni on March 14, 2018 Rating: 5
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