Nirmal Infra CMD, GM arrested in Rs 433 cr chit fund case

The CBI, which is probing Rs 433 crore chit-fund fraud today arrested the CMD and the general manager of Nirmal Infra who had allegedly duped millions of investors in Odhisa and other states. The CBI, which took over investigation from the Madhya Pradesh and Odhisa police, arrested CMD Ashish Chouhan and GM Abhisekh Chouhan after they returned to Bhubaneswar from Madhya Pradesh yesterday, officials said. The CBI had registered a case on in June 2014 following orders from the Supreme Court. It was alleged that the Bhopal-based private company printed colourful brochures, claiming that they had business in real estate, apparel manufacturing, mineral water, consumer durables, hotels and resorts. They also attracted depositors through other means to invest in various schemes of the company with a promise of high returns.

They appointed a branch manager and through him engaged a number of agents for collection of public deposit and assured a high commission to them on the total collection money, the CBI said. It was also alleged that the private company had no commensurate business activities to make the huge interest payment to depositors and the company was actually running an illegal money circulation scheme, it said. It was further alleged that the company had collected deposits from public through three companies. The CMD of group of companies and others had allegedly allured the depositors of Odisha and other states and collected deposits to the tune of approximately Rs 4,33,49,21,012 by assuring high returns. The company did not return the deposited amount to the investors and thereby, cheated and misappropriated the amount, the CBI said.

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