CBI carries out searches in multiple locations in connection with ponzi scam

The CBI on Monday carried out searches at 11 locations in three states and the national capital in connection with its ongoing investigation into a ponzi scam commonly referred to as the Saradha scam, officials said. The searches were carried out in North 24 Parganas of West Bengal, Patna in Bihar, Agartala in Tripura and New Delhi at the offices and residences of promoters and directors of Chakra Infrastructure Ltd, they said.

During the searches, several incriminating documents have been recovered, they added. The CBI has booked Partha Chakraborti, the promoter of the company, and others for alleged criminal conspiracy and cheating, the officials said.

"It was alleged that the accused persons collected huge amounts as deposits from the public on assurance to repay the amounts with high rates of interest. But the accused persons did not repay and closed the offices, and thereby cheated the investors and misappropriated public money invested by depositors. The amount involved in the scam is Rs 87 crore (approx)," an official said.

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