CBI raids 22 locations in two ponzi cases
Kolkata: The Central Bureau of Investigation (CBI) searched 22 different locations, on Monday, in West Bengal, Hyderabad and Karnataka after two separate cases related to ponzi schemes popped up.
As per the CBI, the search was conducted at 16 places in Bengal and Hyderabad regarding a case against Managing Directors and Directors of Asoka Group of companies on charges of 420 (cheating and dishonestly inducing delivery of property), 406 (punishment for criminal breach of trust), 409 (Criminal breach of trust by public servant, or by banker, merchant or agent) and 34 (acts done by several persons in furtherance of common intention) of the IPC and several incriminating documents were seized which are being scrutinised.
It was alleged that the accused person had collected approximately Rs. 20 crore from the public on assurance to repay the amount with high rate of interest that he allegedly did not do after the maturity of the deposit.
In another ponzi case, searches were conducted in six different places in Bengal and Karnataka. A case was registered during 2018 against the portfolio holders of Pious Group of companies for allegedly collecting approximately Rs 35 crore from the public by promising to repay the amount with high interest.