Crime Branch nabs chit fund scammer in Rs 2 cr fraud case
DELHI: The Delhi Police’s Crime Branch has arrested a proclaimed offender in a high-profile cheating case, where the accused was operating a chit fund company and absconded with Rs 2 crore of 100 individuals.
The police were informed about the incident through a complaint registered at the economic offense wing.
The accused was identified as Prem Wadhwa (64), resident of east of Kailash, New Delhi.
According to the Police, the accused Wadhwa operated a chit fund company from an office in Sriniwas Puri, New Delhi, with the help of his brother-in-law, Harish, who managed cash collections.
The duo enticed local residents to invest in their scheme, promising lucrative returns.
However, in March 2020, Wadhwa suddenly vanished, leaving behind numerous defrauded investors.
Following complaints from about 50 victims, the case was registered in October 2020,
prompting a manhunt.
Over the years, Wadhwa managed to elude authorities by frequently changing his location, moving across Chandigarh, Punjab, and Himachal Pradesh.
He was finally tracked down to Palampur, Himachal Pradesh, through a combination of manual and technical surveillance.
A dedicated team of the Crime Branch of the Delhi Police under the close supervision of ACP Narender Singh, was formed to apprehend Wadhwa.
The team received crucial intelligence that Wadhwa would be traveling from Village Bandla to Palampur. Acting on this tip-off, a trap was laid, and Wadhwa was apprehended near the Palampur bus stand.
During interrogation, Wadhwa admitted his role in the chit fund scam. His background shows he had studied up to the 11th grade and initially worked in his father’s milk product business before turning to the fraudulent chit fund scheme that defrauded around 100 individuals.
In 2007, Wadhwa launched the chit fund business, which thrived until 2020. The lure of a lavish lifestyle and escalating debts eventually compelled him to abscond with approximately Rs 2 crore, defrauding around 100 investors. His arrest marks a significant victory for the Crime Branch.