A case has been registered against a man for allegedly duping investors of Rs 2.8 crore in a chit fund scheme in Nagpur district.
The accused, Ramneet Singh alias Saab Rajinderpal Singh Lamba (34), a resident of Kashmiri Gali, is currently absconding. He allegedly duped people by promising them lucrative returns if they invested money every week in a chit fund scheme.
The victims invested in the scheme from 2019 to 2022 and handed over the money to the accused, who provided them with signed receipts. However, when the investors approached the accused after the term period ended and demanded their returns, he started giving them evasive replies and later threatened them.
A case has been registered under sections 420 (cheating), 406 (criminal breach of trust), and other relevant provisions of the Indian Penal Code and the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.”