Chit fund scam: CBI arrests two top executives

Kolkata (West Bengal) [India], Mar. 16 : The Central Bureau of Investigation (CBI) arrested the Chairman and Managing Director (CMD) and Managing Director (MD) of a private group of companies in an on-going investigation of the chit fund case on Wednesday.

The duo was summoned to the CBI headquarter in Kolkata and was arrested after being thoroughly grilled.

Both the accused had illegally collected money from the investors under its investment schemes by falsely promising high returns and did not repay the investors on time.

The police have collected the fund worth Rs. 2,862 cr. A case has been registered and investigation is underway..

Source: ANI