States » East


ED arrests two promoters of Prayag Group in alleged Rs 2,800-crore chit fund scam

ED arrests two promoters of Prayag Group in  alleged Rs 2,800-crore chit fund scam

Kolkata, Nov 30 (UNI) The Enforcement Directorate (ED) has arrested two promoters of M/s Prayag Group of Companies, Basudeb Bagchi and Avik Bagchi in connection with the alleged money laundering case related to a chit fund scam.
The father-son duo has been accused of defrauding the public by collecting deposits worth Rs. 2,800 crore under false high-return schemes, such as Monthly Income Schemes (MIS), Redeemable Preference Shares, and Club Membership Certificates.
"As of now, Rs. 1,900 crore remain unpaid to investors," the ED said in a release on Friday.
The Prayag Group of Companies allegedly operated illegally without necessary authorizations from regulatory bodies like the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI), affecting lakhs of investors across multiple states, the ED claimed.
Earlier, searches were conducted on November 26, 2024, at multiple locations in Kolkata and Mumbai, resulting in the seizure of incriminating records and evidence. The funds collected from the investors were layered by the promoters by incorporating multiple entities and which were subsequently used for buying various properties, the federal agency said.
The Special CBI Court, Kolkata, meanwhile granted 10 days custody of both the accused to the ED after the duo was produced before the court of law in the city.

The ED said it will further interrogate the accused to uncover the properties acquired using the defrauded funds. " This action is part of the ED's efforts to trace and recover assets linked to the scam aiming for restitution of the money to rightful investors and victims," the release added.
UNI PC CS1417

More News

Tripura Police detain five illegal Bangladeshi nationals

22 May 2025 | 5:29 PM

Agartala, May 22 (UNI) Tripura Police on Thursday detained five Bangladeshi nationals for allegedly entering Indian territory illegally by crossing the international border in the Madhupur area of Sepahijala district.

see more..
PM inaugurates Pirpainti and Rajmahal stations developed under Amrit Bharat Yojna

PM inaugurates Pirpainti and Rajmahal stations developed under Amrit Bharat Yojna

22 May 2025 | 5:09 PM

Patna, May 22 (UNI) Prime Minister Narendra Modi on Thursday inaugurated two Railway stations- Pirpainti and Rajmahal, under the Malda division of East Central Railway
developed under the Amrit Bharat Yojna.

see more..
Indrajaal launches ‘Indrajaal Infra’ to protect critical infrastructure from drone threats

Indrajaal launches ‘Indrajaal Infra’ to protect critical infrastructure from drone threats

22 May 2025 | 3:35 PM

Kolkata, May 22 (UNI) Indrajaal, India’s leading autonomous drone defence company, on Thursday announced the launch of Indrajaal Infra — a specialised product line designed to safeguard high-value critical infrastructure such as nuclear power plants, oil refineries, ports, airports, and energy grids from drone-based attacks.

see more..

No newspapers hit stand in Manipur, govt orders probe

22 May 2025 | 3:26 PM

Imphal, May 22 (UNI) None of the newspapers published in Manipur produced their Thursday edition due to a protest over halting over a media team going to attend Shirui festival by 4 Mahar Regiment at Imphal East district on May 20 last.

see more..
Justice Kempaiah Somashekar sworn in as Chief Justice, High Court of Manipur

Justice Kempaiah Somashekar sworn in as Chief Justice, High Court of Manipur

22 May 2025 | 2:48 PM

Imphal, May 22 (UNI) Justice Kempaiah Somashekar was on Thursday sworn in as the Ninth Chief Justice of the High Court of Manipur.

see more..