Press Release
New Delhi, 19.05.2015


           The Central Bureau of Investigation has today arrested an absconding accused in one of the Chit Fund Cases of West Bengal.


           A case was registered on 4th June, 2014 on the directions of the Hon’ble Supreme Court dated 09.05.2014 passed in writ petition No.401 of 2013 against then CMD of Group of Companies and others in Chit Fund Scam in West Bengal U/s 120-B, 420, 406 & 409 of IPC. It was alleged that the accused persons of the said Group collected huge funds from investors under various investment schemes by fraudulently promising them of high returns but the said Group did not pay the amount to the innocent investors and thereby cheated them.


           The arrested accused was one of the close associates of said Group’s CMD and he was instrumental in expanding the alleged illegal deposit collection business of the Group in the 24 Parganas(South) & other districts of West Bengal. He used to look after all the deposit collection in the areas under his control.  He was also named in a number of FIRs registered in connection with the alleged Chit Fund Scam at Baruipur, Sonarpur, Canning, Arambagh, Dubrajpur, Srirampur, Chanditala, Chandannagore, Durgapur and other police stations of West Bengal. He had gone into hiding after CBI had called him for examination during August last year.  He kept on changing his place of stay to evade his likely arrest by CBI.  Considering his vital role in this mega chit fund scam, the SIT of CBI was constantly making efforts to trace him. After continuous efforts made for the last 9 months, CBI has today arrested him for his alleged involvement in the scam. 


           The arrested accused is being produced today before the Additional Chief Judicial Magistrate, Alipore, Kolkata.