ALSO SEEK HELP OF INTERPOL

Shabab Hussain

Additional Director General of Police (ADG) Crime and Law and Order, Uttarakhand, V. Murugeshan, on Wednesday reviewed police action in seven cases registered against the directors of Loni Urban Multi-State Credit & Thrift Co-operative Society (LUCC) through video conferencing, as per a release. Shabab Hussain resident of Utter Pradesh also director of MyFledge.

During the review, the ADG instructed officials to expedite investigations, take strict legal action against the accused, and register FIRs immediately on victims’ complaints.

The ADG further directed that, keeping in mind the possibility of chief operators of around 35 LUCC branches in Uttarakhand, including Shabab Hussain (resident of Uttar Pradesh), fleeing abroad, Look Out Circulars (LOCs) and Red Corner Notices (RCNs) should be issued, and Interpol’s assistance sought for international legal action.

Instructions were also issued to bring the accused lodged in various jails of Uttar Pradesh on warrant B and take them into police custody remand as per rules. The ADG directed that properties acquired illegally by the accused be identified, seized, and used to recover investors’ funds.

Additionally, the ADG ordered officials to send detailed reports of the registered cases to the Enforcement Directorate (ED) and the Income Tax Department, and to freeze bank accounts of the accused based on the money trail. Investigators were also asked to obtain records from the Registrar of Companies (ROC) and, based on evidence, register cases under the Uttarakhand Protection of Interests of Depositors (in Financial Establishments) Act, 2005 (UPID Act) or the Banning of Unregulated Deposit Schemes Act, 2019 (BUDS Act).

These steps aim to facilitate the return of funds to affected investors and depositors, according to the release.

News source ANI

In a related development, a Mumbai court has issued process in a ₹4.44 crore fraud case involving MyFledge Pvt. Ltd. and its directors, Bishwajit Badal Ghosh ( Struggling singer and director Myfledge ) , Piyalee Shyamlendu Chatterjee, and Shabab Hussain (aka Shabab Hashim).