• CBI submits charge-sheet against 13 accused in Chit fund case

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    CBI submits charge-sheet against 13 accused in Chit fund case
     

    Digital Desk: The Central Bureau of Investigation (CBI) filed a charge-sheet against 13 accused in the Court of Special Judicial Magistrate in Kamrup in Guwahati after concluding its investigation into a chit fund scam.

    The MD, the director of a private corporation, and others are accused of defrauding the public.

    Following the Supreme Court's order on hearing WP (C) No. 401/2013 & WP (C) No. 413/2013, a case was filed with the CBI on May 9, 2014.

    The CBI has been ordered by the Supreme Court to take over the investigation of the chit fund (financial fraud) case, which the Assam Police previously filed against private Group of Companies and others, including managing directors, general managers, managers, and private companies, with offices in Guwahati and Kolkata.

    CBI spokesperson RC Joshi on Wednesday, in a statement, said that the accused started their business of collecting money from the public through various agents under the cover schemes claimed to be for product booking.

    "The accused firms were able to collect a large sum of money with the promise of paying it back with lucrative interest without any guarantee and without the authorization of RBI and SEBI." Joshi said,

    According to a CBI spokeswoman, none of the consumers received any product in exchange for the money, and the scheme was reportedly designed to defraud the government of Rs. 238 crores.

     

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