U'Khand: Police book man for duping investors of crores though chit fund company

Haridwar, Jan 23 (PTI) The police have registered an FIR against a person who allegedly duped investors of crores through his chit fund company here, police said on Monday.

The accused has been identified as Abdul Razzak and has been booked under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code, Superintendent of Police (city) Swatantra Kumar said.

Razzak's accounts and those of his firm in Bank of Baroda and Indian Overseas Bank have been frozen and search teams constituted to nab him, he said.

Razzak and his agents lured people to make investments worth crores of rupees through his Kabir Mutual Benefit Fund Ltd -- also called Muslim fund for years, Kumar said.

Suspicions about his operations rose when Razzak locked his office and home and went into hiding, he said.

Razzak and his accomplices collected money on daily, weekly and monthly basis from residents of all sections in the Jawalpur area here.

Police said 22,000 people had opened their accounts with the company and invested into his scheme. PTI COR ALM TDS TDS