CBI books Delhi firm, its directors for Rs 10,000 crore fraud

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New Delhi, Nov 29 (IANS) The Central Bureau of Investigation (CBI) has registered a case against a Delhi-based chit fund company and its directors for cheating lakhs of investors to the tune of Rs 10,000 crore by promising to double their investment in a year.

The CBI booked Karol Bagh-based firm tviexpress.com and its promoters and directors Tarun Trikha, Varun Trikha, Veena Trikha, Sikha Trikha, Shakti Sharad, Anoop Kumar and Kabita Ganguly under charges of cheating, forgery and violation of the Securities and Exchange Board of India (SEBI) guidelines.

It was alleged that the firm was engaged in the business of share trading, commodities trading, holiday package booking and air-ticketing without any legal sanction or approval required under law.

“The firm and its functionaries have been accused of collecting money in the name of Pacific Royal Airlines. They siphoned and misappropriated more than Rs 10,000 crore of investors’ funds by inducing them to invest in their schemes by offering double returns on their investments within a year. But these promised returns were never paid back,” the investors’ complaint alleged.

“The accused had created a software through which it was promised that investors can redeem their investments, but it never worked.”

The CBI’s move comes after the Supreme Court’s May 9, 2014 order to probe all chit fund companies. The case was earlier being probed by the West Bengal Police.

–IANS

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