Home Punjab BTF Chit Fund Company Targets People’s 100 Crore, Operator Prepares to Flee

BTF Chit Fund Company Targets People’s 100 Crore, Operator Prepares to Flee

BTF Chit Fund Company Targets People’s 100 Crore, Operator Prepares to Flee

Chandigarh, August 15 ( P2P ): Following the widespread looting of crores of rupees from economically vulnerable individuals in Punjab by various chit fund companies, another one, Boat Folio Chit Fund Company (BTF), has emerged as a new perpetrator. Under the guise of alignment with the Chief Minister’s Office of Punjab, the company has managed to persuade people to invest over 100 crore rupees not only in Punjab but also in neighboring states. Presently, signs indicate that the operator is intending to deceive its investors. Company boards have been changed, the WhatsApp group’s name has been altered, and Zoom meetings have been discontinued. Individuals who once presented themselves as company owners have suddenly disassociated themselves from the firm. Ironically, all of this is happening while the government is cracking down on fraudulent chit-fund companies. Backed by news clippings exposing the company, a complainant has lodged grievances with the Punjab Vigilance Bureau, CBI, and Enforcement Directorate, urging them to seize the passports and assets of the company’s operators. The company has established a network of promoters across neighbouring states, including Punjab, Chandigarh, Haryana, Rajasthan, and Himachal Pradesh. It has even established luxurious offices in these states. Rahul Batta, one of the operators of this chit fund company, previously managed the Libra Chit Fund Company along with associates. Following this, he closed Libra Company and created Libra Pro Company, which was subsequently closed as well. One of the partners of this company in Delhi is also facing a fraud case. After extorting crores of rupees from investors in the previous company, the BTF company became operational, and now indications suggest that plans are underway to shut down the BTF chit fund company. Most of the victims of this company hail from Zirakpur, Mohali, Bathinda, Faridkot, Mansa, Sardulgarh, Barnala, Moga, and Ludhiana. Through promises of 30% interest and enticing offers of land plots, people have been coerced into depositing their funds. The company has appointed promoters at various locations, to whom treating them to foreign and five-star hotel trips. Meanwhile, the directors are living lavishly off people’s money. There are hints that the company may relocate its base to Dubai, and there are concerns about potential links to Hawala operations. Notably, a fraud case against the company’s MD, Rahul Batta, has already been filed at Police Station Division 4 of Patiala. When contacted, Batta denied any association with BTF and claimed to be conducting his own business in Zirakpur. Over the last two months, conflicts have arisen among the company’s directors. Operators have ceased communication with investors. A major investor from Bathinda not only filed a complaint against the company but also exposed its wrongdoing. Investors have not received interest payments for two months, and it’s alleged that those who voice dissent are threatened, even by individuals purportedly linked to the name of the Chief Minister’s office. Several people who disclosed secrets have been ousted from the company’s group. Underlying these developments is the growing concern among investors about losing their money. This is not the first instance of chit-fund companies exploiting the negligence or complicity of officials. Historical cases include the 60,000 crore fraud by Pearl Group, 5,000 crore fraud by Crown Group, as well as the actions of Green Valley, Kim, Green Forest, Sharda Group, LPNP Token, Golden Forest, Sahara Group, Nectar Commercial Estate Ltd., Sidhu Agriculture Pvt. Ltd., Help Finance Limited, Commercial Limited, and Vibgyor – a West Bengal-based chit-fund company that garnered a 100 crore investment from Punjab. Tragically, numerous suicides have been linked to the victimization caused by these fraudulent companies. Remarkably, investing money through chit-fund companies is unlawful in Punjab. The Punjab government has enacted legislation to combat this, imposing a possible ten-year imprisonment for operators of such fraudulent enterprises.


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