MD Jagjeet was honoured in UK House of Commons
Saturday, 12/09/2015
http://paper.hindustantimes.com/epaper/viewer.aspx
BARNALA: Jagjeet Singh, managing director (MD) of the Crown Credit Co-operative Society, Barnala, who has been arrested for allegedly defrauding customers, has got the distinction of having been honoured in the House of Commons, England, and sponsoring the British Derby County Football Club (DCFC) and funding a company in the United Kingdom.
Walsall South MP Valerie Vaz (left) honouring Jagjeet Singh during a function in this undated photograph.
Jagjeet, who is in police remand in the financial scam, tipped to be above `400 crore, was last year awarded for his contribution to the financial sector in England, where he cofounded a company TradeNext dealing with forex and other financial services.
Jagjeet Singh, a co-founder of the TradeNext, received the award in recognition of his company’s contribution to the financial services sector in the UK. He was awarded the ‘Financial Services Provider of the Year’ award at the Political And Public Life Awards function held at the House of Commons.
The awards function, hosted by the UK’s member of Parliament (MP) of the Asian origin, Keith Vaz, and organised by the Asian Voice, a media organisation, to honour Asians in various domains including politics, industry, philanthropy, business and entertainment.
Valerie Vaz, MP (Walsall South), presented the award to Jagjeet for his outstanding contribution in the field of financial services.
Jagjeet Singh’s company TradeNext, operating in the margin derivatives space, had entered into a collaboration with the British football club, Derby County Football Club (DCFC), to enhance financial literacy among sports fans. The DCFC is a leading club in betting.
“The exact amount of the money that Jagjeet had shifted to the UK, has not been ascertained, but we have arrested two Patiala-based forex traders, Lalit Kumar and Partap Singh, who have confessed to doing hawala transactions for Jagjeet worth crores of rupees,” said SSP Opinder Singh Ghuman, who refused to share more details.
He, however, confirmed that the police have asked the Enforcement Directorate for assistance. “The scam is multiplying into a multi-crore one, and the police still have not got all records to finalise how many people have invested and who were they,” said the SSP.
According to investigation, the company was operating in Punjab, Haryana, Rajasthan and Maharashtra under various names. Most of the victims are from Barnala, Sangrur, Amritsar, Tarn Taran, Bathinda and other Malwa areas.
