Two held for swindling Rs 48L through chit fund company

Two persons were arrested for swindling Rs 48 lakh on the pretext of doubling the money within 15 days, police said here on Tuesday.

The accused had created a phony chit-fund concern, ‘The Future Company’. They claimed it to be a chain-marketing    company which could double money within 15-days, a police officer said.

The accused while          promising exciting returns took varying amounts of money from people including the               complainant, S. Kumar Sahu. They collected about Rs 48 lakh in all from victims in instalments, the officer said.

When the victims did not receive their money despite repeated requests, they            contacted the police who     arrested the accused, identified as Kamal Narayan Dewangan and Shravan Sahu.

They were booked under Section 420 (cheating) and 34 (criminal act committed with common intention) of the Indian Penal Code (IPC), and police is investigating.