In Unnao, Uttar Pradesh, a chit fund company absconded with crores of rupees belonging to hundreds of people by luring them with the promise of doubling their money. Some had invested the money by mortgaging their jewellery, some had taken a loan and some had deposited the money of their friends and relatives. When the money was not returned, people created a ruckus at the office of the chit fund company. Police reached the spot and pacified the people. The operator of a chit fund company squandered people’s hard-earned money in his own luxury. Money was spent on expensive cars and luxurious life.
Actually, Anwaruddin alias Raju, living in Ganjmuradabad, had started a chit fund company along with his two sons Arbaaz alias Kashan and Adnan. It was named Arbaaz Trading and Stock Market. Relatives were also included in this. It is alleged that Anwaruddin had talked about doubling people’s money in the chit fund company and taking 15 to 20 percent of the money every month.
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People say that they returned money to some people for a few days, but after that they stopped giving money completely. When the money was not received, people started making rounds of the company. After a few days, when the company absconded, people started creating ruckus outside the houses of the people of the chit fund company. Some people say that the father and sons together spent their hard-earned money in debauchery and luxurious life. People of chit fund company have access to politicians and ministers.
Parties in hotels, foreign girls and celebrity-like influence
Both Arbaaz alias Kashan and Adnan, the operator of the chit fund company, used to drive a convoy of luxury cars. Had a status like a celebrity. His convoy used to run from Lucknow to Delhi. Arbaaz alias Kashan’s photo was also there in the hoardings of leaders put up at intersections in Lucknow. On one Fortuner, a judge’s board was also placed above the number plate. He had the influence of a celebrity or an industrialist.
Also read: Money doubled in 15 days, even gave it to some people… Then chit fund company absconded with crores of rupees from hundreds of people
Used to throw 500-500 rupee notes in parties. He used to go from Lucknow to the city of dreams, Taj, to hold parties in hotels. The agents working with him also had a tough time. Foreign girls also used to come to their parties held in hotels. Many of his videos have also surfaced.
Many people had deposited more than Rs 50 lakh
People who invested money in chit fund companies are now trying to get back their hard-earned money, but they are neither getting the money nor any assurance. Many women deposited money in the chit fund company by mortgaging their jewellery. Some people deposited crores of rupees from their friends and relatives, with which the accused absconded. Many people had deposited crores of rupees from their friends and some had deposited more than Rs 50 lakh.
This matter has been going on for about four-five months. Many people had filed cases earlier also, but they got nothing. The police only kept giving assurance of action. When people lost their patience, on August 14, hundreds of people started creating ruckus at the house of the operator of the chit fund company. The police arrived on information and pacified the people. On the basis of the complaint, the police registered a case against the accused.
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The victim said- Friends had invested Rs 65 lakh in the chit fund company.
Syed Mohammad Shahid arrived with his friends, whose money he had invested in the chit fund company. All these people reached Bangarmau police station and complained against the operators of the chit fund company. Syed Mohammad Shahid said that on the advice of Kashan and Adnan, he had invested Rs 65.5 lakh of his friends in their Arbaaz Enterprises Chitfund Company. On his advice, the friend had also taken a loan and invested the money in a chit fund company and share trading company. That company has absconded. It is not known how the money will be received and from where. We all are very worried.
What did the police tell about the whole matter?
CO Bangarmau Arvind Chaurasia told on phone that according to the complaints received so far, about Rs 10 crore of people were invested in this chit fund company. A case has been registered on the basis of the complaint. So far, seven cases have been registered against the operator of the chit fund company. Three people have been arrested in this case and sent to jail. The case is being investigated.