The Hindu : New Delhi News : Cop cheated by chit fund operator

Online edition of India's National Newspaper
Wednesday, Aug 17, 2005

New Delhi

New Delhi

Cop cheated by chit fund operator

Staff Reporter

Post-dated cheque for Rs. 1.84 lakhs issued by the company bounced

NEW DELHI: A Delhi Police constable and his wife have been cheated of Rs.1.84 lakhs allegedly by a person running a chit fund company who issued them a cheque which bounced.

The victim, Thomas P.J., posted as a driver at the Police Headquarters here, had come to know about Kallarkal Panicker Chits Private Limited, being run by one Regi M. Panicker, in 2001. He began investing in the company which had its offices at SFS Flats in Mayapuri. After regularly investing money in the chit funds, two of his chits were due for maturity in May and June this year. In a little over the past three years, Thomas had invested Rs. 1.84 lakhs in 38 monthly instalments till March 2005.

As Thomas needed some money in March, he picked up a Rs. 2 lakh chit, on a commission of eight per cent. As he had picked up a chit before the maturity period, Thomas gave three post-dated cheques amounting to Rs. 33, 510 to Panicker. But, Panicker, instead of giving him a current date cheque for Rs. 1.84 lakh which was due to Thomas, gave the constable a post-dated cheque of the same amount. Thomas' repeated requests to Panicker to give him a current date cheque went in vain. Thomas grudgingly accepted the post-dated cheque as the money was still in Panicker's hand.

But when he presented the cheque on the due date -- June 30, 2005 -- it bounced. And his efforts to contact Panicker thereafter went in vain.

Thomas also alleged that later Panicker got a cheque for the same amount issued in his wife's name and sent his own staff who withdrew the entire amount on the basis of forged signatures.

The Rajouri Garden police have registered a case under Sections 420 (cheating), 468 (forgery for purpose of cheating) and 471 (using as genuine a forged document) of the Indian Penal Code early this month. They are now trying to trace the accused who is suspected to be hiding in the National Capital Region.

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