CBI arrests alleged chitfund scam mastermind

CBI today arrested an absconding alleged mastermind of chitfund scam in Tripura, Abu Sadeque Ishtiak Ahmed Choudhury, in Kolkata where he was hiding after duping a number of people from the state.

Managing Director of Daffodils Associates Limited, Chowdhary, had been on the run since last October when CBI started probing a chit fund scam in which his company had allegedly duped investors of nearly Rs 11 crore.

Chowdhary was allegedly hiding in Kolkata from where he was nabbed today by a team of CBI officers.

It is alleged that Chowdhary collected over Rs 11 crore from investors of Tripura promising them higher rate of return against their deposits raised by issuance of certificates of shares and booking of flats and plots before escaping from the state without refunding the money, a CBI official said.