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CBI FILES CHARGE SHEET AGAINST CHAIRMAN OF A COMPANY AND THREE OTHERS IN 335 CRORE CHIT FUND FRAUD CASE

November 01, 2017 05:13 PM

It was alleged that the Directors of said Private Company had collected money from the investors under its investment schemes by fraudulently promising very high returns and later had closed its operations & wound up its business, without repaying the promised amount (approx Rs.335 Crore), thus cheating the investors.

24 Parganas (West Bengal) (Face2News)

The Central Bureau of Investigation has filed a Charge Sheet before the ACJM Baruipur, South 24 Parganas (West Bengal) against a Chairman and a Managing Director of a Kolkata based Private Company; the said Private Company and another Private Company also based at Kolkata U/s 120B, 409 of IPC and Section 4, 6 of the Prize Chits and Money Circulation Scheme (Banning) Act 1978 in an on-going investigation of a Chit Fund case.

A case was registered in CBI on 14.11.2014 on the orders dated 09.05.2014 of the Hon’ble Supreme Court passed in Writ Petition No. 401 of 2013 against the Private Company based at Kolkata and its Directors U/s 406 & 420 of IPC. It was alleged that the Directors of said Private Company had collected money from the investors under its investment schemes by fraudulently promising very high returns and later had closed its operations & wound up its business, without repaying the promised amount (approx Rs.335 Crore), thus cheating the investors.

Further investigation in the case is kept open for larger conspiracy and money trail.

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