BATHINDA CHIT FUND SCAM: FORMER JUDGE SENT TO POLICE REMAND

BATHINDA : One-and-a-halfyear after the expose of a multi-crore chit fund scam, the Bathinda police finally arrested a former state judicial services judge and his son.

The duo have been remanded to three-day police custody while hunt is on for two others, including a Delhi-based trader.

The accused persons, against whom an FIR was registered in May last year, reportedly cheated hundreds of people and minted over ₹10 crore on the pretext of investing in a chit fund trading.

Former special judicial magistrate HL Kumar and his son advocate Pardeep Kumar, both residents of Bathinda, were arrested by the Punjab Police in New Delhi on Saturday.

Two other accused— Vishal Sharma, a Delhibased trader, and Ajay Maheshwari, a resident of Bathinda—are still at large.

They have yet not been declared proclaimed offenders.

Meanwhile, police said non-bailable arrest warrants were already issued against the absconders.

The next date of hearing is scheduled on January 10.

PACL had raised ₹49,100 crore from nearly five crore investors that it needs to refund along with promised returns, interest payout and other charges, as per a recent Sebi order.

An attachment order under the PMLA is aimed at depriving the accused from taking benefits of their alleged ill-gotten wealth and such an order can be appealed by the affected party before the adjudicating authority of the Act within 180 days of the order.