CBI arrests three former company directors while probing chit fund irregularities

The Central Bureau of Investigation (CBI) has arrested two former directors of a Kolkata based private company in an ongoing investigation relating to a chit fund case.

In a statement, the CBI said that it was alleged that the accused, in a criminal conspiracy with others, had illegally collected Rs. 565 crore (approximately) from poor investors after fraudulently promising them high returns without any permission from regulatory bodies.

The CBI claimed that in pursuance of that, the accused allegedly committed cheating and criminal misappropriation of public funds.