Four detained for running fake chit fund company

SHILLONG: Meghalaya police detained four persons for their alleged involvement in running a fake chit fund company here.

Acting on a tip off, a special police team raided the office of Kolkata-based Mapel Infracon at the Meghalaya Urban Development Authority shopping complex in Police Bazaar.

The company has been functioning for two years with three employees and has drawn investments from 400 people in Meghalaya by luring them with very high interest rates.

Additional superintendent of police V Syiem said, "The four have been detained for interrogation as they were suspected to be running a fake chit fund company."

The four have been identified as Natasha S Chyne, Arjun Mizar, Devjeet Das and Bedyanthi Chakraborty.

"This is a dubious company, which has been functioning under the facade of owning lavish properties and assets," Syiem said.

During the raid, police discovered that the company was functioning without any clearance from the RBI and SEBI. Syiem said the company has no annual audit statements and no balance sheets and they have not availed trading licence.

Terming the raid as a preemptive measure by police, the SP said, "We have not received any complaint from the people. This is a preemptive measure taken by the police."

Maple Infracon has its regional office in Guwahati owned by one Pranab Kumar Ghosh. Several documents and computers were seized by the police and the office was also sealed off pending inquiry into the matter.