New Delhi: A retired bank manager, along with his son and daughter-in-law, were arrested from Madhya Pradesh’s Panna by the Delhi Police’s Economic Offences Wing (EOW) for running a fraud ‘chit fund scheme’ in the national capital and cheating 36 people to the tune of Rs 20 crore, a police official said on Wednesday.
The accused were identified as Iqbal Bahadur Singh Baweja, his son Parmeet Singh Baweja and the latter’s wife Jasneet Kaur Baweja.
Police said that the retired bank manager, along with his family, was absconding since 2019.
According to police, a complaint was received at the EOW alleging that Baweja, his son and daughter-in-law and (late) wife, Tajinder Kaur Baweja had been running chit funds under the name of Rijak Chit Funds and PSB Chit funds.
“They were also running a ‘PSB Electronics showroom’ at Rajouri Garden and D’s Banquet Hall at Rajouri Garden. The accused had induced the public at large for investment and shown them rosy pictures of good return. The accused received around Rs 20 crore in the name of chit funds and fled away to some unknown place,” DCP, EOW, Anyesh Roy said.
During investigation, the statements of victims were recorded, however, as the accused were avoiding arrest, a court declared them as ‘proclaimed offenders’.
“On the basis of technical assistance, the accused were finally traced at Panna in Madhya Pradesh. They were apprehended, interrogated at length, and arrested on March 28. Two days police custody remand of all the accused was granted by the court,” said the DCP.
On interrogation, it was revealed that Baweja had taken voluntary retirement from the Punjab & Sind Bank.
“He registered a chit fund company with the money received on his retirement. Thereafter, his wife Tajinder Kaur Baweja (since deceased), son Parmeet and daughter-in-law Jasneet joined him in the business,” said the DCP.
“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,” he addedsaid the DCP .