Chit fund scam: CBI files chargesheet against Prayag Group; names 16 accused

GUWAHATI:

The Central Bureau of Investigation (CBI) has filed a supplementary chargesheet against Prayag Group of companies naming chairman-cum-managing director of the company, Basudeb Bagchi, and 15 others accused in chit fund scam before the court of the additional chief judicial magistrate of Kamrup Metro, on December 1.

Apart from Basudeb, the CBI also accused Avik Bagchi (one of the managing directors of the group), Jaman Chaudhary and Nab Kant Baishya, among others associated with the company.

The CBI had earlier filed a chargesheet on February 26, 2019, in the Special Judicial Magistrate Court of Kamrup (Metro) against the 16 accused over allegations of misappropriating funds amounting to Rs 109,39 crore that belonged to 2,28,104 investors.

Both Basudeb and Avik were charged under the sections of Prize Chit and Money Circulation (Banning) act, cheating, misappropriation of funds and criminal conspiracy. Prayag Group is one of the old groups that allegedly started the ponzi scheme in several eastern and Northeastern states including Bihar, Orissa, Assam and Tripura.

On scrutiny of bank statements and forensic audit reports, it was also found that funds from the bank accounts of private companies were allegedly diverted to Bagchi's accounts and accounts of other MDs.

The CBI had registered an instant case on August 22, 2015, on the orders of the Supreme Court of India, and taken over the investigation of the case earlier registered at Jorhat Police Station against the officials of Jorhat-based company.

It was alleged that the accused had collected various amounts from the investors related to the chit fund and later misappropriated the same.

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