Bhubaneswar: The Central Bureau of Investigation Tuesday filed charge sheet against the Chairman-cum-Managing Director Basudeb Bagchi and Managing Director Avik Bagchi of the Prayag Group of companies in a special CBI court in connection with Rs 2862 crore ponzi scam.
CBI had arrested Basudeb and his son Avik March 15 and had registered cases under the sections of Prize Chit and Money Circulation (Banning) act, cheating, misappropriation of funds and criminal conspiracy June 5, 2014 on the orders of Supreme Court.
Notably, Prayag group was one of the oldest groups which started ponzis scheme in the eastern region of the country. It spread its business over several states including Orissa, Bihar, Tripura and Assam. CBI had conducted raids at different locations of the firm in September 2016.
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