Left Menu
Development News Edition

CBI files charge sheet against ponzi company for cheating 35 lakh people of Rs 3,484 cr

The case was registered by the CBI on directions of Supreme Court on June 4, 2014, which was earlier probed by Malkangiri police station in Odisha.

The CBI has filed a charge sheet against Directors of Pune-based Samruddha Jeevan Multi State Multi Purpose Co-operative Society Ltd, Mahesh Kisan Motewar and Prasad Kishor Paraswar, in over Rs 3,484 crore ponzi scam in Odisha collected from over 35 lakh people, officials said here today.

The case was registered by the CBI on directions of Supreme Court on June 4, 2014, which was earlier probed by Malkangiri police station in Odisha.

"It was alleged in the complaint that certain officials of private Multi-purpose Co-operative Society Ltd. having branch office at Malkangiri and Head Office at Shivaji Nagar, Pune (Maharashtra) were collecting money from general public through agents in different schemes illegally by promising to provide cattle and goats as well as high rate of returns on their deposits from the public and cheated them," a CBI Spokesperson said here today.

The agency said its probe revealed the then chairman and director and others offered higher rate of interests to gullible people and illegally collected money to the tune of Rs 3,678 crore from 35 lakh investors.

The maturity amount would have meant repaying Rs 4,320 crore (approx.) to the investors, but out of the said amount only Rs 8,36 crore (approx.) was paid to the customers and hence, they cheated the public to the tune of Rs 3,484 crore (approx.), the CBI said.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)

Download The Devdiscourse News App for Latest News.



Top 10 Fake News, Myths and Realities on 2019 Novel Coronavirus COVID 19

With nearly 1500 deaths by January 14 and around 65,000 infections in China, the Novel Coronavirus 2019 has become one of the worst health epidemics of the 21st Century. However, 8,573 people have been cured but the rumor mongers are a...

Handling fake news Infodemic in time of Coronavirus epidemic

Social media has provided a platform where everybody can disseminate his her views without any supervision. Its excellent if the message is genuine but misinformation is equally disastrous. Health is such a topic where every Tom and Harry c...

Sentiment Analysis on Budget 2020: Long shot for solution to economic worries?

Industries and individuals alike had high expectations from the government to take tangible steps but the budget 2020 seems to have failed expectations....

How can technology help the future of mobility?

More than a billion people or one-third of the global rural population lacked access to all-season roads and transport services in 2016, subsequently hindering the socio-economic development....


Latest News

Six killed after roadways bus hits car on Agra Expressway

Six people were killed and as many injured after a roadways bus hit a car on the Agra Expressway, police said on Tuesday. The accident occurred on the intervening night of February 17 and 18 when the driver of the bus, which was on its way ...

As Tendulkar wins Laureus Sporting Moment, relive how the 2011 WC final went down!

Former Indian batsman Sachin Tendulkars famous lap around the Wankhede Stadium after the 2011 World Cup win, titled Carried On the Shoulders Of A Nation, was voted the greatest Laureus Sporting Moment of the last twenty years. The lap after...

Hype & Dexter named top HubSpot solutions for APAC

Auckland-based automation agency Hype Dexter has been named the top HubSpot solutions partner for the entire APAC region for 2019.The win also sees them take the number 7 spot in the global rankings of agencies who provide solutions for th...

Singapore Airlines to reduce flights across network due to virus impact

Singapore Airlines Ltd said on Tuesday it will temporarily cut flights across its global network in March, April and May due to weaker demand as a result of the coronavirus epidemic.Destinations that are among those with services reduced in...

Give Feedback