The Madhya Pradesh Criminal Investigation Department (CID) has unearthed a suspected chit-fund fraud involving more than ₹ 10,000 crore and nearly 35 million investors across 17 states, officials aware of the matter said on Monday. Owners and officials of 10 companies have been booked in the case, they added.
CID inspector general Rajvardhan Maheshwari said, “We received 11 case files related to chit-fund fraud in Ashoknagar, Tikamgarh, Damoh, and Vidisha districts. The investigation revealed that 1,600 investors were cheated of more than ₹ 42 crore. CID has named 16 accused in the case.
He added that the accused registered their societies with the Central Cooperative Society under the ministry of agriculture and farmers welfare instead of at the state level, enabling them to operate across states.
“We are investigating how the entire nexus is being operated across India,” Maheshwari said.
