THE Jashpur Police successfully apprehended Phoolchand Bise, fugitive director of Vinayak Homes and Real Estate Private Limited, from Ujjain, Madhya Pradesh. It is to be informed that Bise was the mastermind behind a large-scale chit fund scam that swindled over Rs 54 crore from a staggering 11,396 investors across eight districts in Chhattisgarh.

The elaborate scam involved Bise and four other associates, who enticed investors, promising them high returns and annual commissions on their investments in the company. A total of 792 investors from Jashpur district alone fell victim to the fraudulent scheme, collectively losing Rs 1,60,51,534.

 

Efforts from law enforcement officials, including Surguja Range IG Ramgopal Garg (IPS) and Jashpur SP J R Thakur, played a crucial role in cracking the case. Additional Superintendent of Police, Jashpur, Umesh Kumar Kashyap, and Sub-Divisional Officer of Police, Kunakuri Sandeep Mittal, the accused. The investigation began when Avadhika Nirmala Bai, a resident of Gadhtoli, Jashpur, lodged a complaint with City Kotwali Police Station after being duped of Rs 1,20,000. As the probe progressed, it was discovered that Bise and his accomplices had multiple criminal cases registered against them in different police stations. The specialised team dispatched to Madhya Pradesh, under the guidance of Additional Superintendent of Police Jashpur, Umesh Kumar Kashyap, and Sub-Divisional Officer of Police Kunkuri, Sandeep Mittal, finally succeeded in locating and apprehending Bise after co-operation with local authorities. Bise confessed to his involvement in the fraudulent activities and disclosed information about his partners in crime. The police have registered a case against the accused under Sections 420, 120 (B) IPC, and Section 10 of the Chhattisgarh Protection of Depositors (In Financial Establishments) Act, 2005.