Chit Fund Company of MP accused of cheating

Chit Fund Company of MP accused of cheating

A chit fund company in Udaipur has been accused of cheating investors.

Chit Fund Company of MP accused of cheating

A chit fund company of Indore in the state of Madhya Pradesh has been accused of cheating investors in Udaipur. The company office is closed since last few months.

Thousands of investors invested their hard earned money in a chit fund company in Udaipur. Green Vihar Developers and Colonisers Company, authorised by Indore’s Zee Life India Developers and Colonisers closed down its office in Udaipur after collecting around 6 crore rupees from investors from Udaipur, Pratapgarh, Rajsamand, Dungarpur and Gujarat.

Cases have been registered against the above mentioned companies in Pratapnagar police station of Udaipur under IPC section 420 and 406. No arrests have yet been made. This case was reported on the 5th of January. As per the appeal of victims, who are investors in this company, Green Vihar company authorised by Indore’s company Zee Life India involved a lot of people for investing money on monthly, quarterly and annual basis. The company’s head office is at AB Road Indore.

Agents of the company held a lot of seminars and meetings and gave details and benefits of investments. They also asked people to involve more and more investors in the company. For this purpose they even produced certification and authentication documents issued by state government. People got swept away by the benefits of investments. A total amount of rupees 6 crores was invested by these people. This office at University road where people used to deposit their money has been closed for months and months. Investors have no details as to why the office has been closed since there has been no correspondence in this matter.

All investors approached IG Udaipur to help them get their money back. IG Udaipur has said that case has been registered against the companies in Udaipur and Indore but no arrests have been made so far.

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