CBI raids 9 places in Bengal, 1 in MP over chit fund scam

Kolkata: The Central Bureau of Investigation (CBI) has conducted searches at nine places in Bengal and one in Madhya Pradesh, in connection with a chit fund scam.

The central investigating agency has conducted search operations in offices of Golden Pariwar Holding and Developers Private Limited. Houses of its directors were also searched.

Separate teams comprising senior officers of the CBI conducted search operations at places including Krishnagar, Nadia and Jalpaiguri. There were a total of nine places in the state, where the CBI officers conducted the raids. They also conducted raid at one location in Madhya Pradesh.

The CBI had initiated a probe in this connection under different sections of the Indian Penal Code, on charges of criminal breach of trust (406), criminal conspiracy (120B) and cheating (420).

The case was started against directors of the group Sukalyan Biswas and Bina Biswas. There were many others involved as well, against whom cases have been initiated.

It has been learnt that the CBI officers didn't find many of them when they went to their residences to carry out the search operation.

Preliminary investigation has revealed that the group had collected a huge sum of money from the market through different chit fund schemes.

As per the preliminary calculation of the investigating officers, the group seems to have collected around Rs 100 crore from the market.

The modus operandi of the group was similar to most other chit fund companies, as they had also assured a high rate of return. But the group has not even returned the principal amount.

Their offices were found closed and the investors found themselves in a helpless situation.

It has been learnt that they used to collect money from people, by showing their housing projects. They used to tell people that they will be making a huge profit out of the housing projects, which would ensure a high rate of return against their investment through the chit fund schemes.