CBI charge sheets Against two Chit Fund Firms

chit fund case
chit fund case

Bhubaneswar: The CBI filed the charge sheet against two Chit fund firms named Tower Infotech Ltd and Asha Agro Equipment Industries India Ltd.

The Central Bureau of Investigation (CBI) today filed charge sheet against two chit fund companies  in the court of special CJM here on the allegations of cheating the investors and causing criminal breach of trust. While one charge sheet has been filed against Tower Infotech Ltd’s MD Ramendu Chattopadhyay and Director Ashis Chatterjee, another charge sheet was filed against the three directors of Asha Agro Equipment Industries India Ltd— Ranjit Santra, Tarun Kumar Barui and Parimal Biswas.

Charge sheets have been filed against Tower Infotech Ltd and Asha Agro Equipment Industries India Ltd under Sec 120 B, 420 and 409 of IPC and Sec 4 and 6 of Prize Chits and Money Circulation (Banning) Act, 1978.

Further investigation under section 173 (8) of CrPC continues. Both accused— Ramendu and Ashis—are in judicial custody, CBI sources said.

It may be mentioned here that the Calcutta High Court had directed the Securities and Exchange Board of India (Sebi) to sell certain assets of Tower Infotech and distribute the proceeds among duped depositors and debenture holders. Following the court orders, the markets regulator had initiated the process for e-auction of assets of the West Bengal-based firm in November last year.