Retd bank manager, son arrested for chit fund scam in Delhi

They amassed around Rs 20 crore in chit funds or loans and fled, a senior police officer said.During investigation, the accused were traced in Panna in Madhya Pradesh and were arrested on Tuesday, Deputy Commissioner of Police EOW Anyesh Roy said.According to police, Iqbal is a retired officer from a public sector bank.

A retired bank manager was arrested along with his son and daughter-in-law for allegedly running a chit fund scheme and duping 36 people of more than Rs 20 crore, police said on Wednesday.

The accused have been identified as Iqbal Bahadur Singh Baweja, his son Parmeet Singh Baweja, and his daughter-in-law Jasneet Kaur Baweja, they said.

The arrests were made on the complaint of one Surjit Singh Anand.

Anand in his complaint wrote that Iqbal, Parmeet, Jasneet, and one Tajinder had been running a chit fund scam under the name Rijak Chit Funds and PSB Chit funds, police said.

They were also alleged to have been running an electronics showroom and a banquet hall in Rajouri Garden.

The accused allegedly induced people to invest in the chit fund promising them good returns. They amassed around Rs 20 crore in chit funds or loans and fled, a senior police officer said.

During investigation, the accused were traced in Panna in Madhya Pradesh and were arrested on Tuesday, Deputy Commissioner of Police (EOW) Anyesh Roy said.

According to police, Iqbal is a retired officer from a public sector bank. After taking voluntary retirement, he registered a chit fund company with his retirement money and roped in his family members, they said. They used to receive money at high rates of interest and then rotate it. They also issued cheques, promissory notes, payment receipts etc to the public, as security against their investments, police added.

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