Punjab businessman absconds duping investors over Rs 10 Crore

Several investors in Punjab has been duped of several crore rupees as a financer, running a mutual benefit group is untraceable since several days now. The amount runs into crores

Punjab businessman absconds duping investors over Rs 10 Crore

Several investors in Punjab has been duped of several crore rupees as a financer, running a mutual benefit group is untraceable since several days now. The amount runs into crores.

In a joint complaint to the Senior Superintendent of Police Alka Meena, the members of the mutual benefit group, who invested in the con mans company, have mentioned that Simranjit Singh, his wife Parneet Kaur and his father Charanjit Singh had been running various mutual benefit groups in the form of a committee and used to collect the monthly installments from the members.

The amount was then paid to the highest bidder while the profit was equally distributed among the other members. In the complaint, the investors allege, that both husband and wife used to collect the installments and handed over post dated cheques to some of the members. They also allege that on the intervening night of May 11th and 12th, Simranjit Singh , his wife and father disappeared in mysterious circumstances from their rented accommodation.

The shop of his father in the Professors colony is locked since then. The complaint letter claims that the family has cheated the members and have disappeared with their hard earned money. They also claim that the relatives of the absconders who live nearby have all the information regarding their whereabouts but they did not entertain the investors when they were approached.

When contacted, SSP Meena said that the relatives of the financers have been interrogated and the case has been marked to Fatehgarh Sahib Police under ASP Dr Ravjot Grewal. SSP Meena maintained that the relatives of the disappeared financer have demanded an inquiry about the sudden disappearance and did not rule out a possibility of their kidnapping.

Sources claimed that Simranjit Singh along with other group committee members also used to take money on higher interest. He was popular among the residents as a financer and used to ply on vehicles worth more than 50 lakh rupees.

It has been alleged that Singh has sold his bungalow, shops, plots and various other properties and started to live in a rented property for the reasons best known to him.