CBI raids 10 locations in West Bengal, Bihar in chit fund probe
Kolkata, Aug 29 (IBNS): The Central Bureau of Investigation (CBI) on Wednesday raided at least 10 locations in West Bengal and its neighbouring state Bihar in connection with its ongoing probe into a chit fund scam, officials said.
According to reports, 50-60 investigators of the Central investigation agency carried out raids at several offices and directors' houses of ponzi firm Sun-Plant Agro Limited in Katihar and Bhagalpur districts of Bihar and central Kolkata's Entally area.
Sources in the CBI said that premise of the chit fund company's chairman, Abodh Kumar Singh, at Kolkata's Kestopur area was searched on Wednesday.
"We have seized several documents during the raid and quizzed few persons at those premises," a CBI official told IBNS.
CBI officers said that violating Securities and Exchange Board of India (SEBI)'s order and guidelines, Kolkata based chit fund company, Sun-Plant Agro Limited, illegally collected nearly 5000 crore rupees as deposits from the markets of West Bengal, Bihar and few other states.
Chairman of the company, A.K. Singh, has been absconding since the CBI started probe into the financial scam in 2013.
(Reporting by Deepayan Sinha)
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