Chit-fund scam accused arrested in J-K

The main accused of a chit-fund scam, who was absconding for the past eight months, was today arrested from Rajouri district of Jammu and Kashmir, police said.
Crime Branch of J-K Police arrested Kewal Krishen, the main accused of Vikrant Finance Company scam, from Rajouri, an official spokesman said.
A case was registered under various sections of law against him in Police Station Crime Branch, Jammu wherein the the complainant had alleged that Vikrant Finance Company was flouted in Rajouri by the accused persons under a notion that it was registered with the RBI and the Registrar of Companies.
The company started accepting deposits from the public after alluring them of high rate of interests and also advanced loans to different borrowers, he said.

But when it turned defaulter and bankrupt, the accused persons started harassing the borrowers and the depositors on one pretext or another and closed their establishments after duping the innocent depositors of their hard earned money running in crores of rupees, he said.
SSP Crime Branch, Jammu, Mubassir Latifi said that so far an amount of Rs 91.49 lakh has been recovered by the Crime Branch in the case and after the arrest of the main accused efforts are being made to recover the remaining amount.