Zuflo coin - The company assures fast multiplication of money.

On the run, the main accused in the multi-crore Crown chit fund scam have floated another company, asking old members to invest in it for getting their lost money back.

The new company named Zuflo Coin is the eighth such venture by the Crown management. It proposes to use digital currency for investment. The investors have been asked to send money via cheques, against which they will get a certain value in digital currency. The company assures fast multiplication of money.

Six other companies have been banned after the accused looted investors and shut shop. The seventh company was floated in July this year, but pursuit by the Punjab Police discouraged the accused to develop it further. Chit fund companies are banned under the Money Laundering Act of Punjab.

Like the seventh company, the eighth, too, has been announced via social media. A conference to attract investors is scheduled for October 28 in Malaysia.

Jai Kumar, spokesperson for the Crown Chit Fund Sangharsh Committee, said the main accused — Mohsin Jameel, the CEO of all seven companies, and Jagjit Singh, Managing Director — were making a mockery of law by announcing new firms.

“We have informed the police and the Enforcement Directorate about the new company. The accused have roped in old agents, especially from Barnala, to woo investors,” he said.

Sources in the police said a Special Investigation Team (SIT) headed by IG Vidhu Raj had taken note of the new company and action was being taken. The cyber crime wing of the Punjab Police was tracing the origin of the company.

Kumar said investors had been duped through same tricks but, this time, they seemed to be aware. “The accused have a standard modus operandi. They float a company and, after showing losses, they start a new firm. They have duped us of Rs10,000 crore through such companies.”

The investors were promised two- or three-fold return.

In September 2015, Jagjit was arrested. He, however, was bailed out on a plea that he would return the money of the investors. He jumped bail; he’s on the run since.

The scam began in 2010-11 with the launch of Capital Consultant Company. Later, Bombay Investment Group, Future Choise, Crown Family Care, Crown Co-Operative Society, Crown Coin and Trade Next were launched.