Gzb: Seven of chit fund firm booked for duping investors

The Ghaziabad police on Wednesday evening booked seven officials of a chit fund firm that downed its shutters in Pratap Vihar locality on March 19, for allegedly making off with ₹5-10 crore of investors’ money.
Senior police officers said a preliminary investigation was carried out on the firm named “Royalfine India Nidhi Limited”, after about 50 to 60 people lodged police complaints claiming that they have lost their money as the firm suddenly shut shop.
“We have booked seven persons responsible for operating the firm. If needed, we may also form a special investigation team to probe the case. All seven persons are on the run at present. As per a rough estimate, investors lost about ₹5-10 crore in all ,” said Gyananjay Singh, deputy commissioner of police (city).
The FIR was lodged Wednesday evening under Indian Penal Code sections 406 (criminal breach of trust), 420 (cheating), 467 (forgery) and 120b (criminal conspiracy) at Vijay Nagar police station against seven people — firm owner Zafeer Malik, his brother Ehsan Malik, accountant Pooja Prasad, manager Vishal Upadhyay, sales managers Sahil Saifi, Lalit Chaudhary and Sameer Saifi.
Police said the firm was operating since 2019 and several people had joined their chit schemes.
“We have asked our cyber team to go through computers seized from the premises as no documentation could be found on investors or money invested. We have come to know that firm owners texted Prasad around 2.26am on March 19 and asked her to shut shop. Many of those booked have possibly fled the country already,” said Priyashri Pal, assistant commissioner of police (city 1).
Police said they found that the firm mostly invited daily investments ranging from ₹100-1,100 from traders for a maximum period of 18 months.
Mohammad Dilshad, who operates a small welding shop in Modinagar’s Niwari, said, “I was offered the scheme by firm’s agent Om Pal. I initially invested ₹100 per day for 18 months and received ₹58,000 after the term ended, and earned a profit of ₹4,000. I invested again, but earlier this week, the agent came to my shop and asked me not to deposit any more. Later, I came to know that the firm has shut,” Dilshad added, adding that he has lost about ₹22,000.
He said agents of the firm collected daily investments from several small-time traders like him.
Akash Tayal, on whose complaint the Ghaziabad police filed the FIR, said about 5,000 people have signed up for chits with the firm.
“I lost about ₹2.5 lakh — I made a daily investment of ₹400. Earlier this week, I called up the firm to check whether my maturity amount cheque was ready. They replied that officials are fleeing the office and I should come and check for myself. When I went there, the premises was vacated and the shutters down,” Tayal, who operates a mobile repairing shop in Ghanta Ghar, said.
“Investors were lured by a loan component that the firm offered. After investing for a period of three months, an investor could apply for major loan which need not be backed by any collateral or documentation. So, many flocked to the firm and started investing small amounts on a daily basis. The loan was offered at an interest rate of 1.75% per month,” ACP Pal said.