The Central Bureau of Investigation has arrested 11 accused (All private persons) from Delhi, Chandigarh, Kolkata, Bhubaneshwar etc. during further investigation of a case related to alleged collection of around Rs.60,000 crore from around 5.5 crore investors all across the country by illegally operating different investment schemes, without any Statutory approval and allegedly with a motive to dupe the investors.
It was alleged that the arrested accused were the co-conspirators in this scam, who aided the prime accused and others in illegally operating investment schemes for earning quick & easy money, inducing investors to invest their funds in such investment schemes which offered lucrative returns to the investors and thereafter in diversion of such funds through dubious means with the motive of misappropriation.
The arrested accused were produced today before the Special Judge, Rouse Avenue Courts, Delhi. Eight accused were remanded to two days Police Custody while three were sent to Judicial Custody by the Competent Court.
During investigation, CBI had earlier arrested four accused including then CMD & Promoter Director of Chandigarh based private company; then MD & Promoter Director of Jaipur based private company and two then Directors of said Jaipur based Company on 08.01.2016. A chargesheet was filed against the accused including private companies on 07.04.2016.
To investigate the role of other accused / suspects in this multi thousand crore financial scam, which had adversely affected the interests of millions of investors, further investigation of the case was continued.
CBI had registered the case on 19.02.2014 against then Chairman/CMD & Promoter Director of a private company and others including the said private company, other private company & then Directors of these private companies after conversion of a Preliminary Enquiry registered earlier on the directions of the Hon’ble Supreme Court of India to enquire into the said allegations. The enquiry revealed prima-facie evidence of said private company having raised investments of several thousand of crores by issuing bogus land allotment letters to induce the investors. It was revealed that when the said company, on being directed by the Hon’ble High Court of Punjab & Haryana to wind up the scheme and refund the investors, a similar fraudulent scheme was operated under the name of other/second private company. Funds collected from new investors of this second company were used to repay the earlier investors of first private company to stave off criminal prosecution. Funds have been raised by the two companies through a vast network of lakhs of commission agents spread all over the country who were being paid hefty commissions for luring the investors. It was further alleged that the accused persons i.e. Promoter / Directors of said private companies & others illegally collected huge funds amounting to the tune of Rs.45,000 crore(approx) from 5.5 crore Investors(approx) across the country under the garb of sale & purchase of agricultural land and promise of high returns. These schemes were running illegally and both the companies were allegedly engaged in fraudulent activities including forgery in their day-to-day operations. A series of searches were conducted by CBI during February, 2014 at the office premises & residences of Directors and other suspected places in Delhi, Jaipur(Rajasthan), Chandigarh, Punjab & Haryana, which led to recovery of huge records & data relating to deposits from public and their mis-utilisation & diversion of funds, besides other incriminating documents. Investigation also revealed that the accused persons fraudulently diverted the alleged funds collected under the aegis of Jaipur based private company for purported investment in Australian companies. It has been alleged that 132.99 mn AUD(approx) found to have been diverted to Australian Companies