Assam: CBI files 5 charge sheets against 18 accused on 'unregulated deposit scam' cases

Guwahati (Assam) [India], December 16 : Continuing its probe into various Assam Ponzi scam cases, the Central Bureau of Investigation (CBI) has filed five additional charge sheets in separate cases against 18 accused, including 16 individuals and two organisations, according to a press release issued on Monday.
The release stated that these cases were investigated by CBI Guwahati and are distinct from four charge sheets earlier filed by CBI Delhi, which is also handling Assam Ponzi Investment Scam cases.
One of the charge sheets was filed against three accused, including two private individuals and a private company, before the Special CBI Court in Guwahati. This relates to an ongoing investigation into large-scale financial fraud, part of the Assam Investment Scam cases being probed by the CBI at the request of the Assam government.
In this specific case, the CBI registered charges against Hemen Rava, Director of Upepithets Holdings Pvt. Ltd., alleging that he engaged in a financial scam that violated RBI and SEBI guidelines. It was alleged that Rava induced the general public to enter into notarised loan agreements with promises of high returns, misappropriating funds for personal gain and defrauding investors who fell prey to his scheme.
The CBI's investigation uncovered significant material evidence implicating the two accused individuals and Upepithets Holdings Pvt. Ltd. The findings revealed their involvement in operating an illegal deposit scheme that solicited funds from investors under false pretences. They used deceptive means, such as notarised stamp papers, to promise guaranteed monthly returns of 6 per cent or higher, the press release noted.
Another charge sheet was filed against five accused, including four private individuals and a cooperative society, in connection with deposits collected by Brahmaputra Sanchay and Biniyog Cooperative Society under the scheme "Grihalakshmi." The CBI alleged that investors were lured with promises of substantial returns, such as bonuses and interest, but the deposits were subsequently misappropriated.
The investigation revealed that the accused promoted unregulated deposit schemes through the cooperative society, making false promises of annual returns of up to 15 per cent, the CBI stated.
In another case, a charge sheet was filed against four private individuals. The CBI investigation established that the accused had conspired to operate an unregulated deposit scheme, intending to defraud the public. The funds collected were misappropriated and diverted to the bank accounts of the accused, their family members, or associates for personal use. All the accused are currently in judicial custody.
A separate charge sheet was filed against two private individuals accused of running stock trading businesses under the guise of their company, "Go Millions LLP," which was ostensibly formed to sell cosmetics and other products. The CBI alleged that the accused induced the public to invest money with promises of high returns, violating SEBI and RBI guidelines, and misappropriated the funds.
Additionally, the CBI filed a charge sheet against four private individuals for conspiring to collect deposits through UPI, cash, or cheques in the name of Titan Capital Market. The investigation revealed that the collected funds were neither deposited nor invested in any regulated deposit scheme, as claimed, the CBI said.
During the investigation, the CBI traced databases containing details of depositors who had been deceived into investing in these unregulated schemes. Further investigations into various aspects of these cases are ongoing.