Chit fund scam surfaces in Ghaziabad

  • | Wednesday | 28th June, 2017

Vikas and Vivek were partners with Vishal in the chit fund firm.S N Jha (45), a lawyer who had invested in a chit fund scheme, said, "Vishal used to organise lavish parties in the malls of Shahdara and function venues in Ghazipur where he used to hold lucky draws for investors. Ghaziabad: More than one dozen people lodged a complaint with the police on Tuesday saying they suffered huge financial losses in chit fund and lucky draw schemes in which they had invested after its organiser fled from his Ramprastha Colony house. He had invited all investors to his house on June 11 but we did not find the family in the house. A case will be registered on the basis of our findings," SP (crime) Brijesh Singh told TOI. He used to offer several schemes promising easy and high returns.

Ghaziabad: More than one dozen people lodged a complaint with the police on Tuesday saying they suffered huge financial losses in chit fund and lucky draw schemes in which they had invested after its organiser fled from his Ramprastha Colony house. The Ghaziabad police crime branch has ordered an inquiry into the matter.The complainants told police that they had invested in schemes offered by a firm called Daily True Finance, which operated out of the ground-floor and first-floor flats of a house in C Block of Ramprastha Colony. The firm was being run by the house owner, Vishal Uppal (55), for the past over 10 years.Uppal has been missing from his house since June 10 along with his younger brother Vikas and son Vivek, leaving the house locked, along with other family members. Vikas and Vivek were partners with Vishal in the chit fund firm.S N Jha (45), a lawyer who had invested in a chit fund scheme, said, "Vishal used to organise lavish parties in the malls of Shahdara and function venues in Ghazipur where he used to hold lucky draws for investors. He used to offer several schemes promising easy and high returns. I had come in contact with him in 2013. He had invited all investors to his house on June 11 but we did not find the family in the house."According to the complainants, the sum total of losses could easily run into several crores of rupees.No case has been registered in the matter so far. "The Link Road police station has been asked to conduct an inquiry into the matter. A case will be registered on the basis of our findings," SP (crime) Brijesh Singh told TOI.

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