CBI Charges 18 Accused in Five Major Ponzi Scheme Cases Across Assam; Uncovers Massive Financial Fraud
(Judicial Quest News Network)
In a significant development in the ongoing investigation of the Assam Ponzi Scam, the Central Bureau of Investigation (CBI) has filed five additional chargesheets in separate cases against 18 individuals, including 16 private persons and two organizations. These chargesheets, presented before the Special CBI Court in Guwahati, highlight the agency’s continued focus on uncovering fraudulent investment schemes in the state. This move is part of the broader effort prompted by the Government of Assam to investigate unregulated deposit schemes and safeguard the public from financial exploitation.
The cases under investigation by CBI Guwahati involve large-scale financial frauds, where innocent citizens were lured into investing their money in illegal schemes with false promises of high returns. These investigations come on the heels of four chargesheets filed by CBI Delhi, also focused on the Ponzi scams plaguing Assam.
Case RC 16E/2024: The Upepithets Holdings Fraud
One of the most prominent cases involves three accused individuals, including Hemen Rava, Director of Upepithets Holdings Pvt. Ltd (UHPL), and Sankar Saha, the company’s manager. The case was re-registered by CBI Guwahati on October 22, 2024, following an earlier investigation by the Tezpur Police. The accused allegedly manipulated the general public into entering fraudulent loan agreements with the promise of hefty returns. However, they misappropriated the funds, diverting them for personal use, in violation of RBI and SEBI regulations. The investigation revealed that UHPL had been orchestrating an illegal deposit scheme, offering unwarranted monthly returns of 6% and more, using notarized stamp papers to deceive investors.
Case RC 5E/2024: Brahmaputra Sanchay & Biniyog Cooperative Society Scam
Another chargesheet was filed against five individuals, including the then Chairman of Brahmaputra Sanchay & Biniyog Cooperative Society Ltd (BSBCSL), Jiten Deka, and other key officials. The investigation, which was taken over from the Azara Police Station in Guwahati, exposed a fraudulent scheme where investors were promised high returns of up to 15% annually. Through deceptive promotional tactics, including offering commission-based incentives to agents, the accused solicited large sums of money from the public. However, the society misused the funds collected, with no legitimate business model to back the promised returns. The accused exploited the trust of investors for personal financial gain.
Case RC 7E/2024: The Mushalpur Ponzi Scheme
The third chargesheet was filed against four individuals, including Mainao Brahma, Dipankar Bhatta, Jyotisman Sarma, and Sumit Barman, who were implicated in running an unregulated deposit scheme in the Mushalpur region of Baksa. The accused individuals misled the public into investing their hard-earned money, promising them high returns. The investigation revealed that the funds were misappropriated and transferred to the accused’s personal accounts, where they were used for purchasing properties and vehicles. The accused are currently in judicial custody.
Case RC 6E/2024: The Go Millions LLP Scam
Another chargesheet was filed in a case involving two private individuals, Rishiraj Gogoi and Joy Modak. The accused ran a company called “Go Millions LLP,” which allegedly operated under the guise of a legitimate business selling cosmetics and other products. They enticed the public to invest in the company, promising high returns through stock trading, while violating SEBI and RBI guidelines. However, the investigation revealed that the funds collected were never invested in regulated schemes but were instead misappropriated for personal use. Both accused are in judicial custody.
Case RC 18E/2024: Titan Capital Market Fraud
In the fifth case, CBI filed charges against four individuals – Sankar Kumar Biswas, Rofiqul Islam, Dinesh Ch. Ray, and Niranjan Kumar Malakar – for their involvement in running an unregulated deposit scheme under the name of Titan Capital Market. The accused collected large sums from investors under the false pretense of investing in a legitimate market, but no such investments were ever made. Instead, the money was diverted for personal use, including purchasing properties and vehicles. CBI’s investigation uncovered detailed records of the duped depositors and is continuing to pursue the case.
Ongoing Investigations and CBI’s Commitment
These chargesheets mark a significant milestone in the CBI’s investigation into Assam’s Ponzi schemes, with multiple fraudulent operators now facing legal action. The agency has vowed to continue its thorough investigation into these cases, aiming to uncover the full extent of the financial frauds and ensure justice for the victims. The ongoing efforts by the CBI underscore the government’s commitment to tackling unregulated deposit schemes and safeguarding the interests of the public.
