8 September, AtoZForex.com, Lagos – The TradeNext saga continues, after the co-owner Jagjit Singh prompted the investigation of TradeNext operations. Due to the company’s involvement with Jagjit Singh’s ongoing investigation in the Crown Credit Cooperative Society fraud case.
It was learned last week that Jagjit Singh, the co-owner of and Director of Tradenext was arrested in India along with seven others related to the case. Based on charges of fraud surrounding another of his retail financial businesses called Crown Credit Cooperative Society. According to the times of India, Police on Tuesday sealed a chit fund office Crown Credit Cooperative Society at Barnala and arrested eight persons associated with the firm. Triggering panic among several investors, who had invested their money in the company.
Yesterday in Sangrur, over 200 persons from Sangrur and Barnala districts, who have their money tied in the Crown Credit Cooperative Society Limited, met with Finance Minister Parminder Dhindsa. In attempt to get back their money. These victims fell for the illicit promise of an interest rate up to three or four per cent per month.
Read also: TradeNext director arrested
As TradeNext investigation continues, the police has now clarified that they will seek for information that proves any relationship between Crown Company with the FCA regulated TradeNext Limited, which is based in London (UK). Under the Money Laundering Act, the UK Embassy in Delhi has been involved to procure records that pertain investments of Crown Company in TradeNext.
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