CBI arrests former deputy registrar of companies, 3 others in case of chit fund scam

The CBI arrested the former deputy registrar of companies, Kolkata and 3 others in a case related to a chit fund scam. The accused had duped investors of approximately Rs 565 crores by running illegal Ponzi schemes.

The Central Bureau of Investigation (CBI) arrested the then deputy registrar of companies, Kolkata, and three others, including the founding director and the territory manager of private companies, during the further investigation of a case related to a chit fund scam.

The CBI registered the instant case in compliance with the Supreme Court’s orders on May 9, 2014, against the then MD of a private company and others.

It was alleged that the accused had illegally collected public deposits throughout Odisha by alluring them with various schemes and falsely promising high returns. They did not refund the maturity amount and thereby cheated the investors of their due amount. The total collection of the company was about Rs 565 crore.

In this case, two charge sheets were filed between 2016 and November 2021. Further investigation was continued to look into the larger conspiracy, money trail and the roles of regulatory authorities.

During further investigation, it was revealed that the accused had allegedly associated themselves with the illegal Ponzi schemes and had allegedly received huge benefits for themselves out of the illegally collected deposits. The then Deputy Registrar of Companies, Kolkata, had allegedly facilitated the illegal deposit collection business of the private company named in the FIR.

The arrested accused were Lakshman Srinivasan, then founding director of Finshore Management Services, Uttam Munshi, former territory manager of Star Health Insurance, Subha Kumar Banerjee, the deputy registrar of companies, Kolkata and Pranab Mukherjee, the MD of Infinity Realcon.