CBI arrests two for cheating and misappropriation
ET Bureau|
Updated: Mar 08, 2018, 07.38 AM IST
The Central Bureau of Investigation (CBI) has arrested Abhishek Singh Chouhan, a CMD of a group of companies, and his employee in an ongoing investigation of a chit fund and misappropriation case of ₹433 crore (appox).
The agency had registered a case on June 5, 2014 on the orders of the Supreme Court passed in 2013 and had taken over the investigation of the case against M/s Nirmal Group of Companies.
The allegations are that Bhopal-based private company printed colourful brochures claiming that they had business in real estate, apparel manufacturing, mineral water, consumer durables, hotels and resorts, etc. and also attracted depositors through various other means and enticed them to deposit money in various schemes of the company with a promise of high returns.
They had appointed a branch manager and through him engaged number of agents for collection of public deposit and assured to give high commission to the agents on total collection money. It was also alleged that the said private company had no commensurate business activities to make huge interest payment to the depositors and the company was actually running an illegal money circulation scheme. It was further alleged that the said group of companies had collected deposits from public through three companies.
The CMD of the said group of companies and others in connivance had allegedly allured the depositors of Odisha and of other states and collected deposits to the tune of nearly ₹4.3 crore by assuring high returns of their investment.
The agency had registered a case on June 5, 2014 on the orders of the Supreme Court passed in 2013 and had taken over the investigation of the case against M/s Nirmal Group of Companies.
The allegations are that Bhopal-based private company printed colourful brochures claiming that they had business in real estate, apparel manufacturing, mineral water, consumer durables, hotels and resorts, etc. and also attracted depositors through various other means and enticed them to deposit money in various schemes of the company with a promise of high returns.
They had appointed a branch manager and through him engaged number of agents for collection of public deposit and assured to give high commission to the agents on total collection money. It was also alleged that the said private company had no commensurate business activities to make huge interest payment to the depositors and the company was actually running an illegal money circulation scheme. It was further alleged that the said group of companies had collected deposits from public through three companies.
The CMD of the said group of companies and others in connivance had allegedly allured the depositors of Odisha and of other states and collected deposits to the tune of nearly ₹4.3 crore by assuring high returns of their investment.
