Kolkata: ED arrests two promoters of Prayag group in chit fund scam

economictimes.indiatimes.com:

money laundering case, the agency confirmed on Friday.
The special CBI court granted 10 days custody of both the accused.

According to ED, the duo are alleged to be involved in a chit fund scam, and is accused to defrauding the public by collecting deposits worth Rs 2,800 crore under false promises.

«The father-son duo is 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,» said a statement by ED.
The Agency has also said that around Rs 1,900 remain unpaid by the duo to investors.

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