CBI CONDUCTS SEARCHES IN A CASE RELATING TO ALLEGED VIOLATION OF COOPERATIVE SOCIETIES ACT IN JHARKHAND

Press Release
New Delhi, 22.12.2017

The Central Bureau of Investigation has conducted searches at the premises of 12 private companies at Medininagar & Sudna in Palamau District of Jharkhand in a Chit Fund companies fraud case.

The case was registered on the orders of Hon'ble High Court of Jharkhand passed in W.P. (PIL) No. 1635 of 2014 and vide which the Hon'ble Court directed the CBI to take over the investigation/further investigation of Palamau Town/Sadar Police Station case No.584 of 2013 dated 30.12.2013/02.01.2014 and similarly situated FIRs registered at various other Police Stations in Jharkhand against Chit Fund Companies. The instant case was registered on a complaint of the then SDO, Sadar, Medininagar, District- Palamau, Jharkhand U/s 415, 420, 120-B of IPC, Section 3 and 6 of the Prize Chits and Money Circulation Scheme (Banning) Act, 1978 and Bihar/Jharkhand Self Credit Co-Operative Society Act, 1995, 2008 and 2010.

It has been alleged that the accused companies with their Managers & Proprietors, were doing business in utter violation of the Co-Operative Society Act; doing business beyond their specified jurisdiction; accepting deposits from the public; transaction of money with public & transaction of money with public through their agents on commission basis and whereas, the said Non-Banking and Financial Institutions/Companies/Co-Operative Societies neither belonged to not were operated by the State Govt., nor notified as Banking company or Banking institution by the Central Govt., nor licenced as a Charitable and Educational institution by the State Govt. and no license has been produced as issued by the RBI.

Investigation is continuing.


 



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