The Central Bureau of Investigation has today filed charge sheet against then CMD; then MD, both of West Bengal based Group of Companies and two other private companies based at Kolkata U/s 120-B r/w 409 & 420 of IPC & U/s 4, 5 & 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 & substantive offence thereof in the Court of Special C.J.M, Bhubaneswar (Odisha). It was alleged that the accused persons being the CMD and MD of the said Group of companies fraudulently induced investors to invest money by promising very high returns and also by advertising false & fabricated business prospects of the company and thereafter cheated investors & misappropriated the same. It was further alleged that the company has illegally collected huge funds from poor investors. The total collection by the said Group of Companies was allegedly to the tune of Rs.2862 crore (approx).
CBI had registered the case on 05/06/2014 on the Orders of the Hon'ble Supreme Court dated 09.05.2014 passed in Writ Petition No. 413 of 2013 against then Directors/Officials of a private Group of Companies.
CBI had arrested then CMD and then MD, both of West Bengal based Group of Companies on 15.03.2017 in an on-going investigation of a chit fund case. Presently, both are in judicial custody.
Further investigation continues u/s 173 (8) Cr. P.C. to examine larger conspiracy & money trail.
The public is reminded that the above findings are based on the investigation done by CBI and evidence collected by it. Under the Indian Law, the accused are presumed to be innocent till their guilt is finally established after a fair trial.