Scam accused set up another firm, probe on

Jupinderjit Singh

Tribune News Service

Chandigarh, June 25

Even as the state police are conducting raids to nab the main accused in the Rs 10,000-crore Crown Chit Fund scam, the accused have floated a company asking the already duped investors to invest if they want to recover previous losses.

The new company called Crown Coin is the seventh firm floated by the managing director of earlier company, Jagjit Singh, and UK-based CEO Mohd Jameel. While the police say both are untraceable, the latter have sent audio messages via social media to the investors about the new company.

The message says the new company will use a digital currency called crypto currency for investments and returns. The office of the new company is not specified.

DIG Gursharan Singh, who heads the SIT formed to investigate the scam, said: “We have taken cognisance of the clips. We are using cyber tools to ascertain the source.”

He said the accused would again try to dupe the investors, but the public should be wary of them.

The SIT held a meeting with a number of complainant investors yesterday.

Jai Kumar, president, Crown Chit Fund Scam Sangharsh Committee, said the audio clips were in circulation for a month or so. “The accused are challenging the law of the land and operating as if they were above everyone. We have heard that some of the arrested accused have been lodged in a jail of their choice and getting special facilities. They are also threatening us to withdraw the cases.”

In September 2015, when the accused MD was arrested, he was bailed out on the plea that he would return the money of the investors. He jumped the bail and is missing since then.