CBI ARRESTS THEN CMD AND THEN MD OF A PRIVATE GROUP OF COMPANIES IN AN ON-GOING INVESTIGATION OF A CHIT FUND CASE

Press Release
New Delhi, 15.03.2017

         The Central Bureau of Investigation has today arrested then CMD and then MD, both of West Bengal based Group of Companies in an on-going investigation of a chit fund case.

         The instant case was registered in CBI on 05.06.2014 U/s 120-B, 420 & 34 of IPC and U/s 4, 5 & 6 of Prize Chit and Money Circulation (Banning) Act, 1978 on the Orders of Hon'ble Supreme Court dated 09.05.2014 passed in Writ Petition No. 401 of 2013 and 413 of 2013 against the officials of said Group.It was alleged that accused in conspiracy with each other had illegally collected money from the investors under its investment schemes by fraudulently promising very high returns and thereafter did not repay & cheated the helpless investors.

         Investigation has also revealed that acused, in criminal conspiracy with others, have allegedly collected huge amount of funds (approx Rs.2862 Crore) from the poor investors after fraudulently promising high return, without any permission from the regulatory bodies and in pursuance of that, has committed cheating & criminal misappropriation of public funds.

         Both the arrested accused will be produced tomorrow before the ACJM, Bidhan Nagar Court (West Bengal).


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