CBI Expands Investigations: Five More Charge Sheets Filed in Assam Ponzi Scam

The Central Bureau of Investigation (CBI) has intensified its investigation into the Assam Ponzi scams by filing five additional charge sheets against 18 individuals and organizations. The accused allegedly operated illegal deposit schemes, misled investors with high return promises, and misappropriated funds for personal gain.

The Central Bureau of Investigation (CBI) has escalated its probe into the Assam Ponzi scams, filing five additional charge sheets against a total of 18 accused parties. This group comprises 16 individuals and two organizations, according to a press release by the agency on Monday.

One charge sheet against three accused, including Upepithets Holdings Pvt. Ltd., was brought before the Special CBI Court in Guwahati. The CBI charged Hemen Rava, a Director at Upepithets Holdings, of engaging in a financial scam by defrauding investors with promises of high returns.

Findings showed Rava and his firm orchestrated an illegal deposit scheme, enticing the public with notarized agreements and high monthly returns, violating RBI and SEBI guidelines. Similar charges were filed against five individuals connected to Brahmaputra Sanchay and Biniyog Cooperative Society, who allegedly promoted unregulated schemes under the 'Grihalakshmi' initiative.

Another charge sheet implicated four individuals in conspiracy charges related to operating illegal deposit schemes with diverted funds. In a separate case, two individuals under Go Millions LLP, ostensibly a cosmetic trading company, invited public investments, further breaching RBI and SEBI guidelines.

The CBI additionally charged four individuals from Titan Capital Market for allegedly collecting deposits via various methods without fulfilling investment promises. Investigations traced depositor databases confirming investor deception, with inquiries into additional aspects ongoing.

(With inputs from agencies.)