The police have registered an FIR in opposition to an individual who allegedly cheated buyers of crores by means of his chit fund firm in Haridwar, police stated on Monday. The accused, recognized as Abdul Razzak, has been charged underneath sections 406 (prison breach of belief) and 420 (dishonest) of the Indian Penal Code, Superintendent of Police (metropolis) Swatantra Kumar stated.
Mr Razzak’s accounts and people of his agency in Bank of Baroda and Indian Overseas Bank have been frozen and search groups constituted to arrest him, he stated.
Mr Razzak and his brokers lured individuals to make investments price crores of rupees by means of his Kabir Mutual Benefit Fund Ltd — additionally referred to as Muslim fund for years, Mr Kumar stated.
Suspicions about his operations rose when Mr Razzak locked his workplace and residential and went into hiding, he stated.
Mr Razzak and his aides collected cash on each day, weekly, and month-to-month foundation from residents of all sections within the Jawalpur space right here.
Police stated 22,000 individuals had opened their accounts with the corporate and invested into his scheme.
(Except for the headline, this story has not been edited by NDTV employees and is printed from a syndicated feed.)
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