CBI FILES CHARGESHEET AGAINST TOP OFFICIALS OF A PRIVATE CO-OPERATIVE SOCIETY AND OTHERS IN A CHIT FUND CASE FOR CHEATING AND MISAPPROPRIATION OF Rs. 3484 CRORE (APPROX.)

Press Release
New Delhi, 20.07.2018

The Central Bureau of Investigation has filed a chargesheet in the Court of Special Chief Judicial Magistrate, CBI Cases, Bhubaneswar against 02 (two) then Chairman/Directors of a Pune based private Multi Purpose Co-operative Society Ltd. and said Private Multi Purpose Co-operative Society Ltd. U/s.120B/420/409 of IPC and Section 4, 5 and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

CBI had registered the case on 04.06.2014 in compliance to the orders of the Honourable Supreme Court of India passed in Writ Petition (Civil) No.401 of 2013, and taken over the investigation of the case registered earlier at Malkangiri Police Station, District- Malkanagiri (Odisha) vide FIR No. 236 dated 02.11.2013. It was alleged in the complaint that certain officials of private Multi-purpose Co-operative Society Ltd. having branch office at Malkangiri and Head Office at Shivaji Nagar, Pune (Maharashtra) were collecting money from general public through agents in different schemes illegally by promising to provide cattle and goats as well as high rate of returns on their deposits from the public and cheated them.

The investigation revealed that the then Chairman and Director and others entered into conspiracy to cheat the public and in pursuance thereof they allegedly collected money from gullible public unauthorizedly/illegally through their said Multi Purpose Co-operative Society Ltd. by alluring them of higher returns.

It was further alleged that the said Society collected total amount of Rs. 3678 crore (approx.) from over 35 lakh customers/investors whose estimated maturity amount would be Rs. 4320 crore (approx). Out of the said amountonly Rs.836 crore (approx.) was paid to the customers and hence, they cheated the public to the tune of Rs. 3484 crore (approx.).

Further investigation is continuing.

The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.


********