PUNE: The Central Bureau of Investigation (CBI) has conducted searches at five locations in the premises of the then managing director/directors of Kerala based private firm.
The CBI officials also conducted searched at the offices and residence of their associates located in the Banka and Bhagalpur districts of Bihar and Trichur and Pathanamthitt districts of Kerala in an on-going investigation of a case relating to chit fund scam.
CBI had earlier registered a case against then managing director and director of Kerala based private firm and their associates, on the directions of the Jharkhand High Court.
CBI spokesperson in a statement issued said that it was alleged that the accused persons had received huge funds from many persons/investors, which were deposited in various bank accounts of said firm of Kerala giving false promises of huge benefits to the investors in the form of share/debenture/money back schemes/high interest rate on the deposited amount etc.
The CBI statement read that the accused were allegedly involved in siphoning/diverting the received funds illegally to their individual use.
During searches, various incriminating documents related to the case have been recovered. The suspects were booked under the sections of Indian Penal Code and Prevention of Corruption Act.
Further investigation is continuing.
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