CBI nabs five company directors in Saradha chit fund scam

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The Central Bureau of Investigation arrested five directors of West Bengal-based Win Realcon, on Monday for illegally raising public money the Saradha Group chit fund scam. Those arrested include Mahitosh Ganguly, Partha Pratim Roy, Raju Dey, Joy Bhowmick and Rajib Debnath, who will be produced in court today.

An official of the CBI told a news agency, “Win Realcon allegedly collected crores of rupees from the public, which remain unpaid. Five of its directors have been arrested.”

The Saradha Group Chit fund scandal was major financial scam which led to revelations of usage of Ponzi schemes by many companies, including the Saradha group. The CBI had registered cases against several companies including Win Realcon in November 2014 on various charges, including criminal breach of trust, cheating, criminal conspiracy and violation of Prize Chits and Money Circulation Scheme (Banning) Act.

 

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