CBI Files Charge sheet Against Two Accused in AJRS Marketing Ponzi Scheme Case

(Judicial Quest News Network)

The Central Bureau of Investigation (CBI) today filed a chargesheet before the Special CBI Court in Guwahati against two key accused, Biswanath Roy and Mridul Dutta, in connection with the ongoing investigation into a major Ponzi scheme in Assam. The chargesheet, submitted within 90 days of their arrest, alleges that the two individuals played pivotal roles in defrauding thousands of investors through fraudulent and illegal investment schemes operated by AJRS Marketing Pvt. Ltd.

Currently in judicial custody, both Biswanath Roy and Mridul Dutta have been accused of promoting and managing a multi-level deposit scheme that misled the public with promises of unrealistic financial returns, resulting in a loss of approximately ₹5.14 crore, affecting over 2,600 victims, primarily from Assam.

Background of the Case

The case, originally filed by the Dispur Police Station in Assam, was taken over by the CBI on October 14, 2024, at the request of the Government of Assam. This investigation focuses on AJRS Marketing Pvt. Ltd., a company engaged in illegal financial activities without approval from regulatory bodies like the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI). The company, along with associated fraudulent entities, is accused of exploiting the growing trend of digital investment platforms to deceive the public with promises of high returns.

The scheme operated under the trade names “Ayurvedlife” and “AJRS Trading” involved offering substantial returns to investors in exchange for deposits in unregulated schemes. These deposits were purportedly promised to double within 200 days, alongside incentives like cars, motorcycles, and foreign trips for those who recruited others into the scheme. Investigations have revealed that instead of legitimate investments, the funds were siphoned off, causing significant financial harm to individuals who were lured by these deceptive promises.

The Role of Biswanath Roy and Mridul Dutta

The investigation has identified Biswanath Roy and Mridul Dutta as key players in marketing and promoting the fraudulent deposit schemes. Both accused individuals were actively involved in recruiting new investors by presenting false claims about the non-existent business models of Ayurvedlife and AJRS Trading.

Roy and Dutta utilized digital communication platforms such as WhatsApp to distribute brochures and other promotional materials, creating a false narrative about the profitability of the schemes. They allegedly organized meetings with prospective investors, where they touted these illegal investment opportunities and encouraged participants to deposit large sums of money. Furthermore, the accused promised participants that they could double their investments within a span of 200 days, fueling the growth of the scheme.

In addition to promoting the scheme, the two accused were integral to the multi-level marketing (MLM) structure of the fraud. Investors were incentivized to recruit others, with promises of commissions based on the deposits made by new members. This structure created an illusion of profitability and growth, while in reality, the vast majority of the funds were misappropriated.

Legal Charges and Investigative Developments

The chargesheet has been filed against Biswanath Roy and Mridul Dutta under various sections of the Indian Penal Code (IPC) and the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019. Specifically, they have been charged with:

• Section 120B IPC (Criminal Conspiracy)
• Section 409 IPC (Criminal Breach of Trust)
• Section 420 IPC (Cheating)
• Sections 25, 21(1), 21(2), 21(3) of the BUDS Act (pertaining to the operation of unregulated deposit schemes and fraud).

The investigation into the case is ongoing, with the CBI focusing on other suspects and entities involved. Among them is Gopal Paul, the Director of AJRS Marketing Pvt. Ltd., who was arrested on November 12, 2024, and is currently in judicial custody. The CBI is continuing to probe the roles of other accused individuals and associated companies that may have been involved in the illegal operations.

Ongoing Investigation

The CBI has assured that the investigation will continue to uncover all individuals and entities involved in the fraudulent operations of AJRS Marketing Pvt. Ltd. As part of their efforts, they are working to identify and bring to justice those who contributed to the orchestrating and execution of the Ponzi scheme that has impacted a significant number of vulnerable investors.