Zonal manager arrested for cheating of 8 cr on pretext of doubling amount

Raipur (Team Newsbuddy): Police has arrested accused Vineet Kumar Pandey, who cheated 8 crores in Chhattisgarh on the pretext of doubling the money. The accused was posted as the zonal manager of the fraud company Welfare Building Private Limited and along with his other associates, was getting people to invest money in the company.

After cheating people of a huge amount, the company closed its office and absconded. After the complaint of the case, the police started investigation and caught the accused.

According to the information, the arrested accused Vineet Kumar Pandey is a resident of Shivam Garden, Ranchi. He used to get people to invest in the company as the zonal manager of the chit fund company Welfare Building Private Limited. The fraud by the company was revealed when Devraj Yadav, a resident of Kamleshpur in Mainpat, lodged a report at Gandhinagar police station on 4 September 2024 that the director and other officials of the said company operating in Namanakala collected crores of rupees from investors by promising to double the amount and have absconded after closing the company’s office.

During the investigation of the case, the police came to know that Welfare Building Private Limited Company was also operating in Chhattisgarh, Andhra Pradesh and Bengal, which was also not allowed financial transactions by the Reserve Bank. Investors were cheated in a planned manner through a chain system by creating agents. Evidence of fraud of more than 8 crores by the company was also found.

After it was confirmed that the company’s zonal manager Vineet Kumar Pandey had cheated the investors by organising a seminar in Ambikapur, the police registered a case of fraud against the company and the accused. The police arrested the accused and took him into custody under sections 4, 5, 6 of the Prize Cheat and Money Circulation Scheme (Banning) Act, 1978 and section 10 of the Protection of Investors’ Interest Rules, 2005 and sent him to jail on judicial remand. They have started searching for the other accused.