CBI conducts raids at 11 places in WB, Bihar, Tripura, Delhi in chit fund case

The CBI has conducted searches at 11 locations in the ongoing investigation of a chit fund case commonly referred to as the Saradha scam. The searches were carried out in the district of North 24 Parganas of West Bengal, Patna, Agartala, and New Delhi. During the searches, several incriminating documents have been recovered.

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The CBI has booked Partha Chakraborti, the promoter of the company, and others for alleged criminal conspiracy and cheating. It was alleged that the accused persons’ collected huge amounts as deposits from the public on assurance to repay the amounts with a high rate of interest. But the accused persons did not repay and closed down the offices and thereby cheated the investors and misappropriated the public money invested by depositors. The amount involved in the scam is around 87 crore rupees.

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It was alleged that the accused persons’ collected huge amounts as deposits from the public on assurance to repay the amounts with high rates of interest. But the accused persons did not repay and closed the offices, and thereby cheated the investors and misappropriated public money invested by depositors. The amount involved in the scam is nearly Rs 87 crore.