Mangalore: Man who Duped Investors Arrested in Cheque Bounce Case

Pics: Ramesh Pandith
Daijiworld Media Network – Mangalore (NM)

Mangalore, Oct 2: A man who cheated investors in the name of chit fund was arrested by Pandeshwar police in a cheque bounce case here on Monday October 1.

The arrested has been identified as Sumith Raj, a resident of Morgan's Gate. He was produced before the judge on Tuesday October 2.

Sumith had given a cheque of Rs 90,000 on certain transactions to a person from Thane, Maharashtra. However, the cheque was dishonoured by the bank due to insufficient funds in the account.

The victim, whose identity has been withheld, lodged a complaint in Thane police station. Sumith was told to appear before the court, but he failed to do so. Subsequently, a warrant was issued against Sumith and Thane police took the help of Pandeshwar police in tracing Sumith in Mangalore.

Pandeshwar police arrested him on Monday and he was produced before the judge. They later handed him over to the Thane police.

It is said that Sumith Raj had set up an unauthorized chit funds firm and had collected money from the poor and local people, luring them with promises of high interest. Though he had initially paid them interest as promised, he later cheated the investors and never returned their money.

A few cases against Sumith Raj were also registered in Pandeshwar police station. Interestingly, it is said that Sumith had filed counter cases against the investors who had lodged complaints against him. In one instance reported earlier, he had an argument with an investor right inside the Pandeshwar police station. The angered investor reportedly tried to assault Sumith, for which he was jailed while Sumith was left free. This way he not only pocketed his investors' money, but also put them in trouble.