CBI CONDUCTS SEARCHES AT 82 LOCATIONS
INCLUDING JHARKHAND, BIHAR, ODISHA, WEST BENGAL AND ANDHRA PRADESH IN AN ON-GOING INVESTIGATION OF TWO CASES RELATED TO ALLEGED CHIT FUND
New Delhi , 16.03.2016
The Central Bureau of Investigation has today conducted searches at the residence/office premises of then MD/Director of 33 companies/group of companies including an Ex-MLA of Vishakhapatanam (W) of Andhra Pradesh & then Managing Director of a company, at 82 locations including Jharkhand, Bihar, Odisha, West Bengal and Andhra Pradesh in an on-going investigation of two cases relating to the alleged chit fund.
CBI had earlier registered two cases against group of companies/companies & its then Managing Directors; then Directors and others, on the directions of Jharkhand High Court. It was alleged that the companies and their MD; Director; Addl. Director etc. were involved in receiving huge public deposits illegally & fraudulently by way of cheating/alluring common people with false promises such as high rate of interest; issuing share or debenture; private placement; purchase of land; product purchase; booking etc. The accused allegedly siphoned/diverted the huge funds received illegally & dishonestly to the individual accounts of said persons/firms/companies.
During searches, a cash of Rs.44.90 lakh (approx) from the residence of Ex- MLA, Vishakhapatnam (then Managing Director of a private company) & Rs.16.80 lakh (approx) from the residence of then Director of a private company and various incriminating documents / articles related to the cases have been recovered.
Further investigation is continuing.
