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Screenshot of a breaking news alert e-mail from Q2 2017
Continuing our coverage of the arrest of TradeNext co-owner and Director Jagjit Singh, LeapRate has learned that the investigation surrounding the Chit Fund scam involving Mr. Singh’s Crown Credit Cooperative Society has now extended to Mr. Singh’s position in TradeNext.
India’s The Tribune is reporting that Indian police are continuing their investigation while Mr. Singh (pictured at right) and several other suspects remain behind bars. As part of their investigation police are reported to be approaching UK Embassy officials in the country to procure records pertaining to Crown Credit’s possible investment in TradeNext, under the Money Laundering Act.
UK corporate records seem to indicate that Mr. Singh holds his 40% position in TradeNext directly, although part of his investment may have come from Crown Credit or from funds he received from Crown Credit.
TradeNext itself, as was exclusively reported at LeapRate, is dealing with its own problems as losses incurred due to the SNB crisis as well as some failed campaigns as the year has worn on led TradeNext to shut down its retail forex business and return all client funds.
We will continue to cover these stories as they unfold.