Jupinderjit Singh
Chandigarh, May 31
Nearly seven years after the Rs 10,000-crore crown chit fund scam came to light in Punjab, absconding managing director of the firm Jagjit Singh was arrested by the Haryana Police from Gujarat today.
Crown Ponzi scheme: Jagjit faced 400 FIRs
- Jagjit Singh’s firm began operations in 2011-12, promising to double investors’ money in three years. It shut shop in early 2014
- Thousands of investors from North were duped not once but several times as accused floated 7 firms one after another. Two investors had died by suicide
- The Punjab Police had formed an SIT in 2016 on the orders of the Punjab and Haryana High Court
- Following protests, nearly 400 FIRs were clubbed together for probe by the Crime Branch. The ED was holding a separate inquiry
The accused had duped thousands of investors from North India not once but several times by floating one after another seven companies offering to double the investment through Ponzi schemes.
Though a Special Investigation Team (SIT) of the Punjab Police had arrested 23 members and agents of the company, Jagjit and Mohsin Jameel, the CEO of the company, had escaped the police net. Jagjit, a turbaned Sikh, had changed his appearance as he was found clean-shaven.
A Haryana Police spokesperson said Jagjit, originally hailing from Amritsar’s Sant Vihar Colony, was arrested from Gujarat, where he…
