New Delhi/Jalandhar, February 27, 2017: Initial investigation by CBI has revealed an alleged scam to the tune of Rs.45,000 crores (approx) in a case relating to an alleged fraud by Delhi based private company and others through raising investments from over five crore (approx) gullible investors through collective investment scheme under the garb of sale and development of agricultural land.
A series of raids were conducted by CBI over the last five days at the office premises & residences of Directors and other suspected places in Delhi, Chandigarh, Punjab & Haryana, which led to recovery of huge records & data relating to deposits from public and their mis-utilisation & diversion of funds, besides other incriminating documents.
CBI had registered a case against two Managing Directors/Promoters of Delhi based private companies and their other Directors/Associates after conversion of a Preliminary Enquiry registered earlier on the direction of the Supreme Court of India to enquire into the said allegations.
The enquiry found prima-facie evidence of said private company of Delhi having raised investments by issuing bogus land allotment letters to induce the investors. It was revealed that when the said company, on being directed by the High Court of Punjab & Haryana to wind up the scheme and refund the investors, a similar fraudulent scheme was operated under the name of other/second Delhi based private company. Funds collected from new investors of this second company of Delhi were used to repay the earlier investors of first Delhi based company to stave off criminal prosecution. Funds have been raised by the two companies through a vast network of lakhs of commission agents spread all over the country who were being paid hefty commissions for luring the investors.
Further investigation is continuing.//New delhi news, New delhi current news, New delhi news live, New delhi breaking news, New delhi headlines, New delhi latest news, india news, world news,
Date:
Thursday, February 27, 2014