NEW DELHI: The Central Bureau of Investigation (CBI) has filed five chargesheets in the Assam Ponzi Scam cases before the Special CBI Court in Guwahati, placing 18 persons, comprising of 16 private individuals and two organizations—Upepithets Holdings Pvt. Ltd. (UHPL) and Brahmaputra Sanchay & Biniyog Cooperative Society Ltd. (BSBCSL) for widespread financial frauds through unregulated deposit schemes with huge monetary loss to innocent investors.
This is based on a series of complaints and FIRs lodged across Assam, which were later passed on to the CBI at the request of the state government. The investigation by the agency showed that the accused had convinced the public with promises of high returns and agent commissions besides notarized loan agreements, thus gaining their confidence.
However, the money so collected was siphoned for the accused's personal gains through purchasing real estate, vehicles, and other assets.
In one case, the CBI filed charges against Hemen Rava, Director, and Sankar Saha, Manager of UHPL, for running an illegal deposit scheme that induced the public to invest with promises of a 6% monthly return. Funds collected were misused instead of being invested in regulated schemes. Again, BSBCSL, through its "Grihalakshmi" scheme, was offering returns up to 15% and commission to agents. The chairman of the organization, branch manager, and others allegedly diverted deposits from investors.
Fraudulent practices were also identified in cases involving individuals who operated schemes under entities called "Go Millions LLP" and "Titan Capital Market." Such cases share common characteristics of soliciting money through deceitful means such as offering high returns and making unauthorized business models. In each of the cases, the respondents fraudulently appropriated deposits for personal use with no remedy to the victims.
The CBI investigation has found much material evidence, including records of depositors and funds siphoned off by the accused. All 18 people involved in the chargesheets are currently in judicial custody. The agency continues to trace more people involved in these frauds by investigating the network behind these scams.
These Ponzi schemes have inflicted extreme financial suffering on victims who were mainly attracted by promises of significant returns. The CBI has reaffirmed its resolve to ensure justice for the investors affected and expose the extent of these scams in their entirety. It has also cautioned the public to remain alert against such schemes and report any suspicious activities to the authorities promptly.
The filing of these chargesheets is a critical step in the fight against financial crimes. The CBI remains focused on bringing all perpetrators to book. Further investigations are also being conducted to unearth further details and potential connections.
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