GANGTOK, 14 Oct: The Sadar police here has unraveled yet another money circulation (chit fund) scam operating out of Gangtok. One person has been arrested in this connection.
Prayag Infotech Hi-Rise Limited, a company licensed to deal in real-estate and property with its office in Deorali, has been found to be engaging in a membership drive for a suspected money circulation scheme.
The company, said to have its head office in Kolkata, began operations here in Gangtok on 26 June, 2011. Investigation by the Sadar police revealed that the company was enrolling members in Prayag Aristo Club Membership facility by collecting money on installment basis. This was being done by way of subscription payments under various schemes and money return policies with different modes of payment.
The various modes of payment included some schemes called dormi-facility, bronze facility and lump sum plan etc.
The person in charge of company operations here in Gangtok, Gopal Guha of Jalpaiguri, West Bengal has been arrested and various company documents seized from the office by the police. The chairman of the company is believed to be one Basudeb Bagchi. The Deorali office of the company has been booked under the Prize Chit and Money Circulation Scheme (Banning) Act, 1978 along with the Sikkim Trade License (Miscellaneous Provisions) Rules, 1985.
Prayag Infotech Hi-Rise Limited, a company licensed to deal in real-estate and property with its office in Deorali, has been found to be engaging in a membership drive for a suspected money circulation scheme.
The company, said to have its head office in Kolkata, began operations here in Gangtok on 26 June, 2011. Investigation by the Sadar police revealed that the company was enrolling members in Prayag Aristo Club Membership facility by collecting money on installment basis. This was being done by way of subscription payments under various schemes and money return policies with different modes of payment.
The various modes of payment included some schemes called dormi-facility, bronze facility and lump sum plan etc.
The person in charge of company operations here in Gangtok, Gopal Guha of Jalpaiguri, West Bengal has been arrested and various company documents seized from the office by the police. The chairman of the company is believed to be one Basudeb Bagchi. The Deorali office of the company has been booked under the Prize Chit and Money Circulation Scheme (Banning) Act, 1978 along with the Sikkim Trade License (Miscellaneous Provisions) Rules, 1985.
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