The police have registered an FIR against a person who allegedly cheated investors of crores through his chit fund company in Haridwar, police said on Monday. The accused, identified as Abdul Razzak, has been charged under sections 406 (criminal breach of trust) and 420 (cheating) of the Indian Penal Code, Superintendent of Police (city) Swatantra Kumar said.
Mr Razzak's accounts and those of his firm in Bank of Baroda and Indian Overseas Bank have been frozen and search teams constituted to arrest him, he said.
Mr 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, Mr Kumar said.
Suspicions about his operations rose when Mr Razzak locked his office and home and went into hiding, he said.
Mr Razzak and his aides 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.
(Except for the headline, this story has not been edited by NDTV staff and is published from a syndicated feed.)
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