The Asansol North police have arrested Tahsin Ahmed, the alleged mastermind behind a massive Rs350 crore chit fund scam that defrauded thousands of investors in the region.
Ahmed, the son of a Trinamool Congress Minority Cell leader, was apprehended near Jubilee More on National Highway on Saturday evening after weeks of tracking, police sources said.
Investigators allege that Ahmed operated a fraudulent chit fund company that promised unusually high returns on deposits, luring more than 3,000 families into investing their savings. Preliminary reports suggest the operation amassed close to Rs350 crore before collapsing.
Police confirmed that Ahmed will be produced before the Asansol court on Sunday, where authorities will seek custody for further interrogation.
Officials are probing possible connections between Ahmed’s company and other financial frauds in the region. The arrest follows a series of complaints from defrauded investors and mounting political pressure.
On October 23, Leader of Opposition Suvendu Adhikari publicly exposed the alleged scam, demanding Ahmed’s arrest, a full investigation into the money trail, and restitution for the victims.
