A multicrore scam came to light when the Punjab Human Rights Organisation (PHRO) was flooded with numerous complaints by hundreds of residents regarding the fraud committed with them.
The first case was registered by the Chheharta police in July 2016 in which the police booked Ramesh Kumar Chug and his family members while another case was registered in November against Parveen Kumar Tandon and his family members. Chug and Tandon used to run investment firms, which had lured and duped poor people. They had invested total earnings of their lives in these companies.
Even a SAD Councillor was involved in it but was given a clean chit after the second case was registered following an investigation carried out by former Assistant Commissioner of Police Manjit Singh. In his investigation he pointed out that the SAD Councillor had resigned from the companies much before the scam.
The PHRO had submitted a 4,000-page investigation report to the DGP in which it has been alleged that the entire scam was masterminded by a SAD councillor and the local police was shielding the accused due to his political influence.
In its report the PHRO has also stated that these companies had no license to carry out non-banking financial business. These firms had no authority to collect money as deposits from investors as per guidelines of the RBI. However, crores of rupees were collected under the garb of term and fixed deposit schemes and receipts were issued.
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Fraud victims show documents as proof of investment in Amritsar. photo: vishal kumar[/caption]
The major share of the collection was transferred to the local SAD leader, who invested the same in real estate and Punjabi movies, said Verka.
He alleged that the companies were also involved in construction of illegal colonies. Surprisingly, PUDA and the State Revenue Department turned a blind eye towards its activities, added Verka..