BH CORRESPONDENT, Kolkata: The Central Bureau of Investigation (CBI) has recently conducted raids at 16 places across West Bengal and one place in Hyderabad on the premises of the accused including managing directors, directors of the companies in an on-going investigation of a case related to multi-level marketing and ponzi schemes scam.
A case was registered on May, 2017 against managing directors and directors of Asoka Group of companies on the orders of the Supreme Court. It was alleged that the accused collected an amount of Rs 20 crore as deposit from the public on assurance to repay the amount with high rate of interest. It was further alleged that upon maturity of the said deposits, the accused persons did not repay and misappropriated the invested amount. The group companies were not authorized to collect deposit from public but they deceived people by offering very high returns. The accused allegedly ran money circulation schemes by returning some funds to older depositors to have more number of investors and thus cheated them.
In another case, raids were conducted at six different places in West Bengal and Karnataka on the premises of directors and promoters of a private company in an on-going investigation of a case related to multi-level marketing and ponzi schemes.
This case was registered on September 26, 2018 against CMD and other directors and employees of Pious Group of companies on the orders of the SC. It was alleged that the accused collected Rs 35 crore from the public on assurance to repay the amount with high rate of interest but the accused persons did not repay and closed down the office, thereby cheated the investors and misappropriated the invested amount.
Documents recovered during searches in both the cases are being scrutinized for further investigation, said a CBI officer.