Economic Fraud
Rs 500 Crore Chit Fund Scam Busted: Mastermind Alok Jain Nabbed!
A major chit fund scam involving Rs. 500 crore has been uncovered in Lalitpur, with Alok Jain arrested as the primary suspect. Jain’s fake LUCC company defrauded 18,000 people across several states. The SIT’s investigation revealed the fraudulent activities, leading to the seizure of critical documents. Authorities are now searching for other involved members to ensure justice and recovery of the defrauded funds.
Lalitpur: A massive chit fund scam involving Rs. 500 crore has been uncovered in Lalitpur, leading to the arrest of the main accused, Alok Jain. Jain, who operated under the guise of LUCC, a fake chit fund company, defrauded approximately 18,000 people across several states.
Jain’s operation spanned multiple states, where he utilized a network of agents to attract unsuspecting investors with promises of high returns. However, the elaborate scheme was brought to light following an investigation by a Special Investigation Team (SIT), revealing the fraudulent activities and the extent of the scam.
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The SIT’s probe disclosed that Jain’s company had used fake documents and manipulated investors, leading to significant financial losses for many. The investigation also led to the seizure of important documents from the BBIP office, further implicating Jain and his associates.
As the authorities intensify their search for other members involved in the scheme, the Lalitpur police have confirmed their commitment to bringing all culprits to justice and recovering the defrauded funds.
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