New Delhi: The Economic Offences Wing of Delhi Police, this past Friday 21 June 2019, registered an FIR under Sections 420, 34 and 409 of Indian penal Code and Sections 4, 5 and 6 of prize chits and Money Circulation Schemes (Banning) Act, 1978 against a former employee of Punjab & Sind Bank and his son, on the charge of fraud and cheating through a chit fund racket.
The main accused in the alleged case of cheating and fraud are Iqbal Singh Baweja and his son Paramjeet Singh Baweja. They had a flourishing business for the last 15 years and were running an electronic goods showroom under the name of PSB Electronics and D’s Grand Banquet Hall at J-12/31 and J-13/18, Rajouri Garden in the Capital.
The accused persons were also running Chit Funds under the name of Rijak Chit Funds and PSB Chit Funds besides committees in a big way.
It is alleged that Baweja, his son and other family members took a large amount of money from different person in the form of personal chit fund amount which was given in a good faith for a short and temporary period. Those caught in this racket have found that the entire family has flied away to some unidentified place and were not responding to calls and their mobile numbers were switched off. Baweja used to issue undated counter cheques and chit fund slips duly signed for the satisfaction and assurance of Lenders who were compensated through interest payable on amount deposited by them.
It is alleged by the complainant Surjit Singh Anand, also a resident of Rajouri Garden, that between September and November, 2018, Baweja’s had hatched a conspiracy for bumper collection of funds. Subsequently, the victims were shocked when they came to know that
Baweja, along with his wife, son, daughter-in-law and two grand children has fled from his residence between 30 November and 5 December 2018.
Their showroom PSB Electronics and Banquet Hall are now closed and all attempts by the victims have failed to trace them.
It has been recorded in the FIR that the volume of fraud in this case could be more than Rs 20 crore.
The complainant has told the police that Iqbal Singh Baweja, his wife and son Paramjit Singh along with other family members, all residents of Rajouri Garden in New Delhi are untraceable.
Newsroom24x7 has access to the names and contact details of those who have been cheated in this case and the amount they had deposited with accused.
The facebook profile of Iqbal Singh Baweja’s wife, introduces her as “Owner at D Grand banquet Rajouri Garden”. A post on her wall by Vishal Marwah reads: “any body have information about (her) let me (know) at my number 9999926459 he will be heavily rewarded.”