Ranchi: Chit fund operator Vijay Kumar, who has vanished after swindling 200-plus entrepreneurs out of more than a crore, picked his pawns from among people who relied more on luck than judgement.

The scheme that promised quick and hassle-free returns was simple. Ten groups of 20 investors each were formed. Each group had a different investment slab in multiples of five, starting from Rs 5,000 per month for 20 months. After every month, a lucky draw was held and the lump sum of minimum Rs 1 lakh was won by one of the players.

The winner had to automatically to wait out 19 more lotteries before his turn came again, but had to continue investing the fixed amount every month. The chit fund operator got 5 per cent commission from every winner. He was also allowed to invest in the market from the corpus.

Proprietor of Sona Jewellers Sonu Kumar, who has lost Rs 11 lakh in the process, explained why many of them fell for the scheme, which Vijay ran for a decade before disappearing.

"It is easy and fast money without documentation, which is necessary when you apply for a loan in banks. There are other hidden benefits too. Suppose a person who won the lottery didn't require the money immediately, he could easily pass it on to another investor in the group in lieu of an interest that was mutually decided," said Kumar.

Yogendra Saw, who runs a juice stall at Daily Market, said he lost Rs 3 lakh in the scheme. "The promise of plum returns fooled me. I deposited all my hard-earned money, which I should have saved for my wife and two children. Now, we don't have enough left to buy even groceries," he rued.

Mohammed Parwez thought the windfall would help him marry off his sister. The wedding is scheduled in October and the electronics store owner is counting his losses to the tune of Rs 8.5 lakh.

"My turn in the lucky draw never came and now Vijay has vanished. I have lost all the money I though I was saving for my sister's marriage. We are spending sleepless nights," said Parwez, the sole breadwinner for a family of eight.

Tinku Kumar, who sells garments near Main Road, is caught in a similar predicament. "My daughter's marriage is in two months and here I have lost Rs 4 lakh," he said.

Satyendra Kumar, a marble shop owner in Argora, said the con had shelved his housing plans. "Construction of the first floor of my house was in progress and I needed Rs 11 lakh more. My amount had matured, but before I could withdraw, Vijay disappeared."

The victims claimed police were delaying action.

"Vijay vanished earlier this week. We went to Lalpur thana yesterday (Wednesday) and were told of jurisdictional issues. No FIR has been registered yet," said jeweller Kumar.

The chit fund operator, though a resident of Burdwan Compound in Lalpur, ran his business at Kishoreganj.

Kotwali thana OC S.N. Mandal said the FIR would be registered once a list of all victims was drawn up.

"We want to register a single case for ease of investigation. The victims have been asked to compile a list with details of money each of them lost. In the meantime, we are trying to locate the truck that was hired by the accused when he left the city," OC Mandal said.

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