Hailakandi BJP Minority Morcha chief, 7 others, arrested in Rs 10 Cr chit fund scam
Representational Image: BJP's Minority Morcha President, Amjadul Hussain Majumdar, allegedly in a fraudulent chit fund scam in Hailakandi
Hailakandi, Sept. 03: The district Bharatiya Janata Party (BJP) Minority Morcha President was arrested by Hailakandi Police on Monday for his alleged involvement in a fraudulent chit fund scam.
The president is accused of swindling Rs 10 crore from various investors, who were promised a loan of Rs 25,000 each in exchange for an investment of Rs 2,000.
So far, the police have detained eight individuals, including the BJP leader and four women, in connection with the case.
The arrest followed numerous complaints from investors who flocked to Hailakandi Sadar Police Station to file a First Information Report (FIR) against Singhania Fintech Agribusiness Consortium Company Limited, the company allegedly behind the scam.
Majumdar, the arrested leader, is reported to have been the coordinator of the company, which had an office on Station Road in the town.
Following the complaints, a police team led by Additional Police Superintendent Shamir Daftar Baruah, Deputy Police Superintendent Sekharjyoti Roy, and Surajit Choudhury conducted a raid and sealed the office. Authorities are currently examining the documents seized during the raid.
According to sources, the Delhi-based company had promised investors a one-time loan of Rs 25,000 for a Rs 2,000 investment.
The company also recruited agents in rural and urban areas, collecting more than Rs 10 crore in the process. They assured that loan disbursement would begin in June.
On Monday, a large number of investors stormed the company’s office, demanding the release of the promised loans. When employees failed to provide satisfactory answers, the investors filed an FIR at Sadar Police Station.
Previously, in May, Majumdar had reportedly assured investors that they would receive the promised loans soon.
Sources claim that Majumdar had assured the investors of the company’s legitimacy, stating it had 300 employees across three districts in Barak Valley and would soon provide the loans.
Meanwhile, no employees were available for comment regarding the collection of Rs 2,000 from investors.
