Retired bank manager, 2 family members held for cheating victims of over Rs 20 cr

A retired bank manager along with two other family members have been arrested by the Economic Offences Wing for allegedly cheating 36 gullible investors of over Rs 20 crore through a chit fund scheme, Delhi Police said on Wednesday. They have been identified as Iqbal Bahadur Singh Baweja alias Iqbal Singh Baweja, retired from Punjab and Sind bank, Parmeet Singh Baweja and Jasneet Kaur Baweja.

Anyesh Roy, DCP (EOW) said that a complaint was filed by Surjit Singh Anand alleging that Iqbal Singh Baweja, Parmeet Singh Baweja, Jasneet Kaur Baweja and Tajinder Kaur Baweja had been running chit funds under the name of Rijak Chit Funds and PSB Chit funds. They were also running a PSB Electronics showroom and D’s Banquet Hall in Rajouri Garden. The accused had induced people to invest and shown them rosy pictures of a good return. The alleged persons received a huge amount of at least Rs 20 crore in the name of chit funds/loans and fled.

A case was registered under section 420/409/34/120-B IPC and 4/5/6 Prize Chits and Money Circulation Schemes (Banning) Act, 1978, at EOW on 21, June 2019. The investigation was taken up, the official said.

“During the investigation, the statements of victims were recorded who alleged against the accused family, relevant bank statements scrutinised and efforts were made to arrest the accused. But as they had been avoiding the arrest, the concerned court declared them as proclaimed offenders,” the official said.

A police team under the supervision of ACP Shachinder Mohan Sharma traced the accused in Panna, Madhya Pradesh and they were apprehended on March 28. They were interrogated at length. Further two-day police custody remand of Iqbal Singh Baweja and Parmeet Singh Baweja has been granted by the court.

Iqbal Singh Baweja is a retired officer from Punjab and Sind bank. After availing voluntary retirement, he registered a chit fund company with the funds received on his retirement. Thereafter, his wife Tajinder Kaur Baweja (since deceased), son Parmeet Singh Baweja and daughter-in-law Jasneet Kaur Baweja joined him in the business, Anyesh Roy, Deputy Commissioner of Police, EOW said.

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