The CBI on Wednesday raided 16 different premises in Bengal and one in Hyderabad in Telangana for the accused in connection with the investigation into the Ponzi scheme and the multi-level marketing scam. According to CBI officials, on May 26, 2017, a case was registered against the Managing Directors and Directors of M / s Ashok Group of Companies under sections 420, 406, 409 and 34 of the IPC.
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In this connection, more than 16 premises in Bengal and Telangana were raided. It was alleged that the accused had collected deposits of Rs 20 crore from the people by luring them with a high-interest rate. On completion of the stipulated period of deposits, the accused did not pay and embezzled the entire amount invested.
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Regarding the raid, CBI officials said that the companies of the group were not authorized to collect deposits from the people and they cheated people by luring them with too much interest. The accused also allegedly operated money circulation schemes and returned some money to the old depositors so that more people could invest and cheat them. Directors-promoters raided six premises in Bengal and Karnataka.
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