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CBI ARRESTS CMD OF COMPANY AND EMPLOYEE IN ON-GOING INVESTIGATION OF CASE RELATING TO Rs. 433 CROR

March 07, 2018 10:07 PM

New Delhi (Face2News)

The Central Bureau of Investigation has arrested a CMD of a Group of Companies and his employee in an on-going investigation of a Chit Fund case.

CBI had registered a case on 05.06.2014 on the orders of Hon’ble Supreme Court of India passed in Writ Petition (Civil) No. 401 of 2013 and had taken over the investigation of FIR No. 123 dated 21.05.2013 registered earlier at Balangir Town Police Station, Dist-Balangir (Odisha) on the allegations that Bhopal (MP) based private company printed colourful brochures claiming that they had business in real estate, apparel manufacturing, mineral water, consumer durables, hotels and resorts etc and also attracted depositors through other various means and enticed them to deposit money in various schemes of the company with a promise of high returns. They had appointed a Branch Manager and through him engaged number of agents for collection of public deposit and assured to give high commission to the agents on total collection money. It was also alleged that the said private company had no commensurate business activities to make huge interest payment to the depositors and the company was actually running an illegal money circulation scheme. It was further alleged that the said Group of Companies had collected deposits from public through three companies. The CMD of said Group of Companies and others in connivance had allegedly allured the depositors of Odisha & of other states and collected deposits to the tune of Rs.4,33,49,21,012/- (approx.) by assuring high returns of their investment. The company did not return the deposited amount to the investors and thereby, cheated & misappropriated the said amount.Investigation is continuing.

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