Rajasthan: Chit fund accused carrying reward of Rs 10,000 arrested after 5 years

Jaipur, Sep 29 The Jhalawar police in Rajasthan have achieved a major breakthrough in their ongoing campaign to apprehend wanted criminals and arrested a criminal after five years of evasion.

An official said that police arrested Padam Singh, president of the chit fund company Aastha Credit Co-operative Society, from Kota. Singh, who carried a reward of Rs 10,000, was wanted in nine cases related to fraud and cheque dishonour.

Superintendent of Police (SP) Amit Kumar said that the accused, Padam Singh, in collusion with the society's secretary and treasurer, lured investors with promises of high profits.

He said that according to a complaint filed by Mohammad Yakub, a resident of Richhwa, and six others, investors had deposited large sums of money with the society through agents under the daily savings scheme.

“After the money was deposited, the society's office was suddenly closed, and President Padam Singh Jhala, Secretary Giriraj Gupta, and Treasurer Mahendra Pratap Singh absconded,” he said.

SP Kumar added that all three accused in this case were declared proclaimed offenders by the court, while the other two secured bail, adding that Padam Singh had been evading police custody for five years.

“The police investigation revealed that the accused and his associates cheated hundreds of people by exploiting their trust and offering unrealistic returns,” he said.

An official said that many of the victims had invested their hard-earned savings, believing the schemes would provide financial security for their families.

“Instead, they were left devastated when the society abruptly shut its office and its office bearers vanished,” he said.

The official pointed out that to bring the absconding accused to justice, a special police team was formed under the leadership of Jhalarapatan SHO Harlal Meena.

“Acting on intelligence inputs, the team traced Padam Singh to his rented house in Rangbari, Kota. The police discovered that Singh, son of Roop Singh and a resident of Dubaliya Sunel, had been frequently shifting his location to avoid capture. His arrest marks the culmination of years of effort by law enforcement to track him down,” he said.

The police officials described the arrest as a significant achievement in their crackdown on financial fraudsters and proclaimed offenders.

The case serves as a reminder for the public to remain cautious of schemes promising unusually high profits. Authorities assured that strict action will continue against those who exploit common people through fraudulent financial practices.

While the accused has been arrested, investigations are on to identify those associated with him to know further links.

--IANS

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