Crack Down on Financial Fraud: Police Seals Off Singhania Chit Fund’s Silchar Office, 7 Including TMC Leader Arrested

In a significant operation against financial fraud, Assam Police have intensified their crackdown on the Singhania Fintech Agribusiness Consortium Company Limited, a company embroiled in a large-scale chit-fund scam. The Silchar office of the company, located in Ambicapatty, has been sealed today, just two days after a similar action was taken against its office in Hailakandi.

Seven individuals, including four women and a prominent Trinamool Congress leader, have been arrested in connection with the scam in Cachar district. Those arrested were employees or agents of the Singhania Fintech company and are accused of collecting ₹2,000 from thousands of people under the pretext of providing large loans. However, the promised loans were never disbursed, leading to widespread complaints and eventual police action.

Among those apprehended is Haidar Hussain Barbhuiya, the president of the Trinamool Congress’ Sonai constituency. Hussain, who also acted as an agent for the company in Cachar, was allegedly involved in the fraudulent scheme. The operation in Silchar follows a similar raid conducted in Hailakandi, where nine individuals were arrested, including Amjadul Hussain, the district president of the BJP Minority Morcha in Hailakandi and the Barak Valley coordinator for the chit fund.

The police have seized several incriminating documents from the company’s Silchar office and have indicated that their crackdown on the chit fund’s activities in the district is far from over. More arrests are expected as investigations continue, with several prominent individuals suspected to be involved in the scam. The receipt issued by this company also doesn’t contain the name of Singhania Fintech Agribusiness Consortium Company Limited, but rather another office located in Tinsukia, Assam.

The agents reportedly assured people of financial loans in exchange for a ₹2,000 “insurance” fee. When the loans failed to materialise, multiple FIRs were lodged in various police stations across Cachar. Acting on these complaints, the Sadar Police conducted a raid on Wednesday, leading to the arrests.