Singhania Chit Fund Scam: BJP Leader Amjadul Hussain Majumdar Arrested in Massive Fraud Case in Hailakandi

In a significant development in Hailakandi, BJP leader Amjadul Hussain Majumdar, along with his younger brother Milu Majumdar and nine others, was arrested on Monday night. The arrests are linked to a massive fraud involving the Singhania Fintech Agribusiness Consortium Limited, a company the Majumdars run. Amjadul Hussain Majumdar serves as the coordinator for Barak Valley.

The chit fund, purportedly involved in providing loans, has been accused of defrauding thousands of people, primarily daily wage earners and those with limited financial knowledge. Victims paid ₹2,000 each with the promise of receiving loans, but none materialized. The police have seized documents from the company’s office in Hailakandi, revealing a considerable stash of receipts for ₹2,000 each.

A victim Sumat Malakar of Brajarpur, Hailakandi said, “On April 15 this year took two thousand rupees from me. They said they would give me loans but so far neither did I get the loan nor do I know where my two thousand rupees went. Now they (the police) have locked the gates, how will we customers get the money back?” Another victim said, they were assured a loan of 25,000 INR and took 2,000 rupees as insurance money. He said he didn’t get any loans from them. A huge stash of receipts each of 2,000 rupees collected from people has been seized by the Hailakandi Police. Locals estimate that this company has looted and scammed people in crores.

Another woman who reached the office area hearing it getting sealed lamented that, an agent had collected money from them with the assurance of a loan. But when asked, the agents didn’t give them a concrete date when the loans will be approved. An agent named Champi Roy had collected money from the female victims. Now they demand, they don’t want the loan, just their hard-earned 2,000 rupees would be enough.

The signboard on the office building located in Station Road, Hailakandi says, Singhania Fintech Agribusiness Consortium Limited is a registered company with the Union Ministry of Corporate Affairs.

What is surprising is that even though the office carries the name Singhania, the receipt issued to its investors who paid 2,000 rupees doesn’t have the name Singhania or the office address of Hailakandi. The receipt issued to the investors carries the name Pragjyotish Fintech Capital Solutions Ltd. The registered office of that company is in Subhasani Road, Near Chaliha Bordoloi Nagar Namghar, P. O.: Tinsukia, Pin:786125, Dist.: Tinsukia Assam.

The fraudulent scheme had previously been exposed in Silchar, where the Cachar Police had sealed the office of the same company in END Colony on May 2, 2024.

Tensions were high during the arrests, with media personnel facing resistance from the accused’s family members. There were also reports of the police restricting filming of the arrest process. The motive behind this restriction remains unclear, raising concerns about whether the involvement of a politically influential figure played a role.