Chit fund scam siphons 10,000cr from nearly 35 million victims
A massive ₹10,000 crore chit-fund scam has come to light, with nearly 35 million people tricked across 17 states.
10 companies have been booked, and the accused floated fake firms under different names in several states, luring investors, many hoping for quick double returns, only to vanish with their money.
In Madhya Pradesh alone, more than 210,000 people invested ₹492 crore in the companies.
Accused registered with central cooperative society
The accused registered their societies with the Central Cooperative Society under the ministry of agriculture and farmers welfare instead of at the state level so they could operate in multiple states like Uttar Pradesh, Delhi, West Bengal, Maharashtra, and Karnataka.
FIRs have been registered in these states as well and named 16 accused so far.
Investigators are still digging into how these companies pulled it off and are working to bring those responsible to justice.