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CBI Files Chargesheets in Assam Ponzi Scam, 18 Accused Including Companies Named


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In a significant development in the ongoing investigation into the Assam Ponzi Scam, the Central Bureau of Investigation (CBI) has filed five additional chargesheets in five separate cases. The chargesheets involve 18 accused, including 16 private individuals and two organizations—Upepithets Holdings Pvt. Ltd. (UHPL) and Brahmaputra Sanchay & Biniyog Cooperative Society Ltd. (BSBCSL). These cases are being investigated by CBI Guwahati, adding to the four chargesheets previously filed by CBI Delhi in connection with the Assam Ponzi Investment Scam.

One of the charge sheets was filed against three individuals, including Hemen Rava, Director of UHPL, Sankar Saha, Manager, and the company itself. This charge sheet was presented before the Special CBI Court in Guwahati. The case, registered on October 22, 2024, follows an earlier investigation by Tezpur police in September 2024, where Rava was accused of defrauding the public by inducing them to enter notarized loan agreements with promises of high returns. The CBI’s investigation uncovered substantial evidence that Rava and his company orchestrated an illegal deposit scheme, luring investors with promises of guaranteed monthly returns of 6% or more, only to misappropriate the funds for personal gain.

In another case, the CBI filed a charge sheet against five individuals, including Jiten Deka, the then Chairman of BSBCSL, and others. This case, re-registered by CBI on October 20, 2024, involves the collection of deposits under the “Grihalakshmi” scheme, where investors were promised high returns. The accused allegedly misappropriated the funds collected through this unregulated deposit scheme. Investigations revealed that Deka and his associates had lured investors with false promises of annual returns of up to 15% and commissions for agents who brought in new investors.

The CBI also filed a charge sheet against four individuals, including Smt. Mainao Brahma, Dipankar Bhatta, Jyotisman Sarma, and Sumit Barman, for their involvement in an unregulated deposit scheme in Baksa district. These accused were found to have diverted the funds collected from the public into their personal accounts, using the money for personal expenses, purchasing land, and building properties.

Further charges were filed against two individuals, Rishiraj Gogoi and Joy Modak, for running a fraudulent stock trading business under the name “Go Millions LLP.” They induced the public to invest in their company by promising high returns, only to misappropriate the funds, violating SEBI and RBI guidelines.

Lastly, the CBI filed a charge sheet against four individuals—Sankar Kumar Biswas, Rofiqul Islam, Dinesh Ch. Ray, and Niranjan Kumar Malakar—in connection with a Ponzi scheme run under the name of Titan Capital Market. The accused collected deposits from the public under the guise of investment but failed to invest the funds in any regulated schemes, ultimately cheating the depositors.

The CBI’s investigation has successfully traced databases containing the details of the investors who were defrauded in these unregulated schemes. All the accused in these cases are currently in judicial custody as the investigation continues.

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