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Chit fund Scam: CBI raids 20 places in West Bengal

By TIOL News Service

KOLKATA, JAN 13, 2018: The Central Bureau of Investigation today raided 20 different places in West Bengal, and also in its capital, Kolkata. The official and residential premises of several accused persons were searched, in connection with an on-going investigation of a chit fund case. On search, several incriminating documents were recovered.

Thereupon, a case was registered u/s 120-B, 420, 406 of IPC against a CMD and others, including the directors of a Kolkata-based group of companies, in accordance with the orders of the Supreme Court. It was alleged that the accused persons collected approxiately Rs. 3 crore, on assurance to repay the amount with high rate of interest. It was also alleged that the accused persons did not repay the amount raised, and shut down the office. In such manner, the accused had cheated the investors & misappropriated the invested amount. The CBI stated that invesitgations were on-going.

 


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