ED arrests 2 Prayag Group promoters in Rs 2,800-crore chit fund ‘scam’

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chit money scam The Prayag Group of Companies allegedly operated illegally without indispensable authorisations from regulatory bodies specified arsenic the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI)

The Enforcement Directorate (ED) has arrested the promoters of M/s Prayag Group of Companies, Basudeb Bagchi and Avik Bagchi, successful transportation with a wealth laundering lawsuit related to a chit money scam.

The father-son duo is accused of defrauding the nationalist by collecting deposits worthy Rs. 2,800 Crore nether mendacious high-return schemes, specified arsenic Monthly Income Schemes (MIS), Redeemable Preference Shares, and Club Membership Certificates. As of now, Rs 1,900 crore remains unpaid to investors, officers said.

The Prayag Group of Companies allegedly operated illegally without indispensable authorisations from regulatory bodies specified arsenic the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), affecting lakhs of investors crossed aggregate states. Earlier searches were conducted connected 26.11.2024 astatine aggregate locations successful Kolkata and Mumbai, resulting successful the seizure of incriminating records and evidence.

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