The Central Bureau of Investigation today arrested two former directors of a chit fund company who have allegedly collected Rs. 565 crore (approx) from poor investors. CBI in a statement said, accused the Kolkata-based company of fraudulently promising investors of high returns. CBI claimed that accused allegedly committed cheating and criminal misappropriation of public funds.The CBI said that company named Infinity Realcom allegedly committed cheating and criminal misappropriation of public funds. Earlier, Security Exchange Board of India had directed the company to return investors money and attached issued orders to attach its property.
Last year, the Central agency raided 19 locations of the company in both West Bengal and Odisha. The office of the company and residential premises of its directors Pranab Mukherjee, Sarbari Mukherjee, Prabir Mukherjee, Soumen Mallick and Partha Pratim Mukherjee were also searched by the CBI. The company allegedly raised crores of rupees from investors via issuance of non-convertible debentures (NCDs) and redeemable preference shares (RPS) without complying with the public issue norms. The company is under SEBI and CBI scanner since January 2015. In November 2015, the CBI conducted searches at various offices of the company. The company, which reportedly operated between 2009 and 2013, mainly in Odisha and WB.