Mail News Service
Ranchi, Feb 13 : The Enforcement Directorate (ED) has filed a chargesheet in connection with the Rs 521 crore Maxizone chit fund scam before the Special ED Court in Ranchi, naming the company and its key promoters as accused.
The chargesheet has been filed against Maxizone, its director Chandrabhushan Singh, and his wife Priyanka Singh. According to the ED, the company was not registered to mobilise public investments but allegedly operated in the guise of a chit fund scheme.
Investigations revealed that Maxizone Tech Private Limited was originally engaged in marketing activities.
However, it allegedly began collecting investments from the public by promising high returns within a short span of time.
To build credibility and attract more investors, the company reportedly paid returns ranging between 15 to 20 per cent to select individuals during the initial phase.
As investor confidence grew, deposits swelled into hundreds of crores. After amassing substantial funds, the company abruptly shut down its offices and its directors allegedly went absconding.
The ED stated that verification of bank transactions established that a total of Rs 521 crore was collected from investors and deposited across 21 bank accounts.
So far, investors linked to Rs 308 crore have been identified and verified.
The agency informed the court that further investigation in the case was on.
