Cheat fund: Co locks office, 200 lose ₹10cr in ‘daily invest’ fraud

Ghaziabad: Around 200 people were cheated of Rs 10 crore by a chit fund company that asked them to invest small amounts every day and promised lucrative returns.A group of 50 people lodged a complaint at Vijay Nagar police station on Monday evening when they found the office of Royalfine India Nidhi Limited Bank in Pratap Vihar locked. None of the officials or agents hired by the company could be reached either, they alleged.The company, police said, had been operating for the past three years. Hundreds of agents hired by it would go around the city and persuade small traders, shop owners, daily wagers and homemakers to invest whatever amount they could save — from Rs 100-1,550 — every day. The victims were told that if they continued to invest for 180 days, they would get returns at the rate of 8-8.5%.The company’s agents were assigned specific areas from where they were supposed to get new customers and collect money from existing ones every day. The veil was lifted off the fraud when the agents stopped coming for their daily collections and went incommunicado as well. Some of the victims reached Royalfine’s office, which was locked.“Around 50 investors have lodged complaints against the company. Preliminary probe has revealed that the company wiped out Rs 10 crore invested by some 200 people. The figure could increase as the investigation progresses,” an officer said.Honey Rana, who repairs mobile phones for a living in Bajariya, had invested in two schemes of Rs 100 each — one for him, another for his wife. “I earn around Rs 16,000 a month. So, I could afford only the basic scheme. I had been investing in two plans since 2021. One of them completed on Mar 10 and the other was supposed to be over next month,” said Rana, who was planning to spend the amount on her sister’s marriage. “My family is in trouble now. They had been banking on this money to organise the wedding,” he added.Dheeraj Kumar, who owns a grocery store in Vijay Nagar, had invested Rs 500 daily. “In June 2022, a collection agent came to my shop and explained to me the benefits of investing in their schemes. He insisted that the returns were better than what I would get if I kept the money in savings bank account. So, I started putting in Rs 500 every day. I had planned to use this money for my daughter’s education. She has appeared for her Class XII boards. Now, I don’t know how I will fund her higher education,” he told TOI.Priyashri Pal, ACP (Kotwali), said three teams were formed to investigate the fraud. “We have detained six persons as of now and have been questioning them. Information is thin so far. We will lodge an FIR once we get details. We are also looking for the company’s directors and other senior officials,” she added.Police are also trying to find out if Royalfine is a registered NBFC (Non-Banking Finance Corporation) company.