JALANDHAR, Dec 24 — In a major crackdown on the alleged dupers of public money, the Punjab Police Vigilance Bureau has arrested eight directors of the Golden Forest group of companies today for allegedly defrauding Rs 4,000 crore on investors by purchasing personal properties at different parts of the state.

Ms Gurpreet Deo, SP Vigilance Bureau Jalandhar zone, while talking with this correspondent here today said that a joint raid was planned by Vigilance Bureau of Jalandhar, Ludhiana and Patiala Ranges under the supervision of Chief Director (Vigilance) Mr S.K. Verma to nab the culprits and eight of the 14 directors of the Golden Forests group of companies were arrested from Kapurthala, Manimajra, Panchkula and Chandigarh.

The arrested persons were identified as Mr A.L. Syal, Mr R.K. Syal, Mrs Promila Syal, Mr H.K. Sinha, Ms Meena Syal, Mrs Promila Sinha, Mr Lahmbar Singh and Mr Harbhajan Singh Padda.

Two offices of the company situated at Chandigarh-Manimajra Road and Manimajra were sealed by the police authorities.

The Vigilance Bureau had received several complaints from the investors who alleged that the Golden Forests group of companies had duped their money by not allotting the land with trees and instead their directors had purchased the personal properties in the different parts of the state.

Around 1.75 lakh customers had invested more than Rs 4,000 crore in the company to get more interest than other financial institutions, said Ms Deo.

After thorough verification of the facts, the Vigilance Bureau in a joint operation of Jalandhar, Ludhiana and Patiala ranges raided the residences and offices of the company today and arrested eight directors from Kapurthala, Manimajra, Panchkula and Chandigarh.

A case has been registered under Sections 420/467/468/471 IPC and 7 Land Reforms Act.

She further said that affected people should come forward to lodge their complaints with the Vigilance Bureau so that their hard earned money could be reimbursed to them, said Ms Deo.

“Though we are successful in arresting eight of the 14 directors from different parts of the state, efforts are on to nab the remaining six culprits,” said Ms Deo.

TNS adds from Chandigarh: The defence counsel of the Directors of Golden Forests India Limited said that his client and family members were picked up by the Punjab Police Vigilance Cell this morning at 7:30 am on the basis of an FIR lodged in Patiala under the Prevention of Corruption Act.

Alleging that the entire case was “politically motivated’’, he said that persons who resigned as directors a decade ago were being hauled up by the Vigilance Department when the CMD of the company was available.

Stating that the police had failed to arrest revenue officials involved in the alleged land-scam, the officials handling the case seemed ignorant of the basic provisions of the Company Law. “The lands have been purchased by the company on behalf of the investors under an agreement. The investors have a valid registered charge on all the assets of the company,’’ he added.

Taking the plea that the company had paid its returns to the tune of Rs 1000 crore to the investors, he said that the detention of his clients was in violation of the court orders since the Vigilance Department was not allowing him to meet his clients.