chit fund company director arrested, sent to jail

Source: The Hitavada      Date: 30 Nov 2017 15:16:24

Staff Reporter,


Director of a chit fund company GN Gold and Dairies, Satnam Singh Randhawa, who was accused to have absconded after amassing from 2.5 to 3 crores of people’s deposits, was brought in the state capital and taken into police custody by Moudhapara Police. A complaint was earlier registered against him in police station by a resident of Tikrapara Devendra Kumar Shrirange. The accused allured people of doubling deposits in 5 years. In course of investigations, it was known that cases were registered against him in other cities of the state and also in Madhya Pradesh. It was further known that the accused was arrested by Madhya Pradesh Police. The accused was brought on production warrant and taken into police custody for one day.

A local court granted the police one-day police custody remand of the accused, which ended on Wednesday and after that the accused was produced in court from where he was sent to jail under judicial custody, informed Moudhapara police. The police had registered a case against him under relevant provisions of the Indian Penal Code, including Section 420 and other relevant provisions. The accused told the police that he was director upto 2009 and after that he resigned. But, the police found his signatures on documents that were after dated after 2009.