Friday, June 5th, 2020

CBI arrests five directors of a private firm in an on-going investigation of a chit fund case

downloadINVC NEWS New Delhi, The Central Bureau of Investigation has arrested five then Directors of Madhya Pradesh based private firm in an on-going investigation of a Chit Fund case. The instant case was registered on 05.06.2014 U/s 120-B, 420, 34 of IPC and U/s 4, 5 & 6 of Prize Chit & 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 & 413 of 2013 against the officials of private firm. It was alleged that accused, in criminal conspiracy with others, had illegally collected funds to the tune of Rs.29 crore (approx) from the poor investors after fraudulently promising high return and without any permission from the regulatory bodies. The accused had allegedly cheated the investors and misappropriated public funds. The arrested accused persons are being produced today before the ACJM, Bidhan Nagar Court, Kolkata.



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