The CBI on Tuesday filed a charge-sheet against two Bengal-based ponzi companies which allegedly collected about Rs 2,862 crore from the public by giving misleading information.
The charge-sheet was filed against Basudeb Bagchi, the then CMD and Avik
Bagchi, the then MD of Prayag Infotech Hi-Rise Limited and Prayag Infotech Network Private Limited, at the court of special chief judicial magistrate, in Bhubaneswar.
The charges have also been filed against two other private persons based at Kolkata under various sections of the Indian Penal Code.
The duo — Basudeb and Avik — were booked under various sections of the Indian Penal Code (IPC) on charges of criminal conspiracy (120B IPC), criminal breach of trust (409 IPC), cheating (420 IPC) and under Sections 4 and
5 of the Prize Chits and Money Circulation Schemes (Banning) Act.
The CBI had initiated the probe after registering a case against the group on June 5 in 2014 following an order of the Supreme Court and subsequently arrested the duo.
The investigating agency had arrested them on March 15, 2017, in this connection and they are at present in judicial custody.
The investigating agency has found in its probe that the accused had "fraudulently induced investors to invest money" in their group after the investors were assured high returns.
The group had collected around Rs 2,862 crore from common people through its chit fund schemes. But it didn't return the money along with the interest as assured to most of the investors.
Moreover, the group was also not having required clearances to collect money through such chit fund schemes.
Stating that it is a part of a "larger conspiracy" the CBI would continue its probe in this connection under Section 173 (8) of the CrPC to find out the money trial and could submit supplementary charge-sheet in this connection.