CBI Arrests an Accused in An On-Going Investigation of a Case Related to Chit Fund Scam
(Judicial Quest News Network)
The Central Bureau of Investigation has arrested an accused in an on-going investigation of a case related to Chit Fund.
CBI had registered the instant case and taken over the investigation of the case, earlier registered vide FIR No. 19/2014 at Police Station Kulti (West Bengal) in compliance to the orders of Hon’ble Supreme Court of India dated 09/05/2014 passed in connection with Writ Petition (Civil) No.401 of 2013, Writ Petition (Civil) No.413 of 2013 & Writ Petition (Civil) No.324 of 2014 where in CBI was, inter alia, directed to take up all Ponzi Schemes cases of West Bengal and Orissa in addition to other Group of companies.
It was alleged that the accused persons (Trustees of a Trust) allured the public at large to invest in their schemes with a promise of high rate of returns at maturity without the requisite permission from the regulatory authorities. It was further alleged that large number of investors invested their hard-earned money with the Trust. It was also alleged that the trustees failed to repay the maturity amount, cheated the investors, misappropriated their hard-earned money, closed down the branches and fled away.
During investigation, it was revealed that the said arrested accused was closely associated with the trust and the trustees. It was further alleged that the said accused was associated in registration of the trust and allowed the trust to carry on its business of illegal deposit collection from his commercial complex. It was also alleged during investigation that the accused in conspiracy with the other accused (Trustee) had misappropriated Rs.3,74,64,000/-(Approx) from the trust for personal use through various methods.
Searches were conducted at the premises of accused which led to recovery of several incriminating materials.
The arrested accused was produced today before the court of CJM, Asansol and was remanded to 02 days police custody.
