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CBI FILES CHARGESHEET AGAINST 20 ACCUSED IN AN ON-GOING INVESTIGATION OF A SCAM

September 09, 2019 10:53 PM

Bangalore (Face2News)

The Central Bureau of Investigation (CBI)  has filed a chargesheet against 20 accused, including the Managing Director of a Bangalore based private company; its 07 Directors; 05 Members; an Auditor; 05 private group companies based at Bangalore and a private person U/s 120-B r/w 406, 409, 420, 477-A of IPC in the Designated Court at Bangalore.

Founder Director of Group of Entities based at Bangalore had illegally collected deposits from the public in the form of investments on various Ponzi schemes such as Monthly Plan, Education Plan, Marriage Plan, etc., with a promise of getting high returns. It was further alleged that the accused persons widely propagated through media, advertisements, religious scholars and others.

CBI has registered a case on 30th August, 2019 in connection with a scam related to Bangalore & other areas on the request of the State police and further Notification from Government of India and has taken over the investigation of the case, earlier registered by Karnataka Police.

It was alleged that the founder Director of Group of Entities based at Bangalore had illegally collected deposits from the public in the form of investments on various Ponzi schemes such as Monthly Plan, Education Plan, Marriage Plan, etc., with a promise of getting high returns. It was further alleged that the accused persons widely propagated through media, advertisements, religious scholars and others.

It was also alleged that the money collected as deposits / investments were not used for any genuine business activities, instead the accused rotated a portion of deposits to distribute among the investors in the guise of profits. Most of the deposits were allegedly misappropriated by the accused for acquiring assets on their personal and names of family members. The accused allegedly paid huge sum of bribes to public servants and others as protection money to carry out their illegal activities.

After taking over the case, CBI has formed a 12-Member Multi Disciplinary Investigation Team(MDIT) comprising of its investigators who are being assisted by Chartered Accountants, Forensic Auditor, Computer Forensic Experts and Bankers. Further investigation is continuing.  

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