CBI conducts raids in nine locations as part of probe into ATM Group's chit fund case
The raids were conducted at the office's and residential premises of the chairman and managing director and other directors of the company in nine different locations on Thursday, he said.
During the searches, several documents were seized. A case was registered in June 2017 against the ATM Group of companies' officials under IPC 406 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy), 323 (punishment for voluntarily causing hurt), 506 (criminal intimidation) and 34 (act done by several persons in furtherance of common intention) against the CMD and other directors of ATM group of companies following orders of the Supreme Court.
As per the complaints, the accused persons had allegedly collected from the public an amount of Rs four to five crore (approx) as a deposit on assurance to repay the amount with a high rate of interest.
"The accused persons, however, did not repay and misappropriated the invested amount and thereby cheated the investors," he said.
(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)