Former Congress MLA Ranbir Singh Kharb was arrested for his alleged involvement in a Rs 100 crore chit fund scam in which a large number of people were duped.
Former Congress MLA Ranbir Singh Kharb was on Wednesday arrested for his alleged involvement in a Rs 100 crore chit fund scam in which a large number of people were duped.
Kharb was caught by Economic Offences Wing of Delhi Police's Crime Branch from Sonepat in Haryana, a senior police officer said. His arrest came following police procuring a non-bailable warrant against him.
There were reports about the arrest of his wife Anita Devi but there was no official confirmation about it. The wife is also an accused in the case as she was a partner in the company.
Kharb allegedly promised his investors that he would double their money in three years.
The former Najafgarh MLA had launched a company Jyoti Fair Finance in 1998 and allegedly duped hundreds of people in West Delhi of around Rs 100 crore. The company gained popularity as he became the area MLA as well.
The official said a large number of investors, who were looking for quick returns and doubling their money, had invested their money at the Dalmill road office in Uttam Nagar.
Almost the entire village in the area had invested in the company which promised "quick and enhanced" returns. Later due to spread of word, people from neighbouring villages joined in to his promises of quick returns.
But later in 2002-2003, when people started asking for the promised returns, he allegedly shut the office and disappeared overnight.
Kharb allegedly has been duping people for more than 10 years and his cases had since been dragging in the city courts.
Earlier on Monday, a large number of investors had gathered close to his Mundela Khurd village.
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