CBI court sentences three individuals to six years of RI in Tripura chit fund scam case

A decade after a major chit fund scam rocked Tripura, a special CBI court has convicted three key accused and imposed prison terms and fines in a case involving alleged fraud worth crores.

New Delhi: A special CBI court in Agartala has convicted three individuals and a private company in connection with a multi-crore chit fund scam in Tripura. The case involved allegations of cheating investors and misappropriating deposits collected from the public.

The Court of the Special Judge (CBI), West Tripura District, on May 30 sentenced the accused to rigorous imprisonment for six years each and imposed financial penalties following the completion of the trial.

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The convicted individuals include Arindam Das, Chairman and Managing Director of M/s Pragati Sheel Infra Projects & Services Limited, Director Paritosh Das, and Administrative Director Dipshikha Chakraborty.

All three were awarded six years of rigorous imprisonment and fined Rs 3 lakh each. The court also imposed a fine of Rs 7 lakh on the company.

Case Dates Back to 2012

The matter originated from Kailashahar Police Station Case No. 90/2012, registered on April 30, 2012. Later, following notifications issued by the Tripura government and the Department of Personnel and Training (DoPT), Government of India, the case was re-registered by the Central Bureau of Investigation on October 8, 2013.

Investigators alleged that the accused collected deposits from investors and failed to return the money, leading to losses estimated at around Rs 5-6 crore. According to the CBI, funds collected from the public were allegedly misappropriated instead of being repaid to depositors.

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Chargesheet Filed After Probe

After conducting its investigation, the CBI filed a chargesheet on May 28, 2018, against the three accused individuals and the company. The prosecution accused them of cheating numerous investors through fraudulent investment schemes and violating financial regulations.

Court Orders Recovery and Compensation Process

In its judgment, the court directed that the fine amount recovered from the convicts be forwarded to the competent authorities for proportionate distribution among affected investors. The District Magistrate and Collector of Unakoti District, Kailashahar, has been tasked with facilitating the process as per legal procedures.

The court also requested authorities to recover the defrauded amount from attached assets, wherever possible, and distribute it proportionately among identified depositors who had not received refunds.