CBI files chargesheet in Assam Ponzi Scam, highlights Rs 5.14 crore fraud

Guwahati, Dec 12: The Central Bureau of Investigation (CBI) on Wednesday filed a chargesheet against accused persons - Biswanath Roy and Mridul Dutta - in one of the Assam Ponzi Scam cases before the Special CBI Court Guwahati.

The chargesheet has been filed within 90 days of the arrest of the two accused. They are currently in judicial custody.

"CBI had registered the case on October 14 on the request of the Government of Assam, taking over investigation of the case, originally registered by Dispur police station against AJRS Marketing Pvt Ltd. It was alleged that AJRS Marketing Pvt Ltd engaged in illegal trading activities without requisite permission from the Securities and Exchange Board of India (SEBI) and the Reserve Bank of India (RBI)," a statement said.

"The complaint further alleged surge in fraudulent trading apps and companies operating in Assam, which misled the public with promises of high returns. The entities allegedly swindled crores of rupees from investors, causing significant financial harm," the statement added.

The case pertains to a multi-level deposit scheme involving deposits collected under the trade names 'Ayurvedlife' and 'AJRS Trading'. Investors were allegedly lured with promises of substantial returns and incentives such as bikes, cars, and foreign trips upon reaching specific investment thresholds.

Subsequently, the deposits were allegedly misappropriated, causing a total fraud of approximately Rs 5.14 crore and affecting around 2,600 victims, who are primarily from Assam.

It was revealed during investigation that accused Biswanath Roy and Mridul Dutta marketed and promoted unregulated deposit scheme of AJRS. They participated in various meetings with potential depositors and presented the non- existing business model by providing the brochures of Ayurvedlife, AJRS Trading, AJRS Group to depositors through digital mode of communication WhatsApp. like

Both made false promises to depositors for doubling their deposit in 200 days through the unregulated deposit schemes. Accused Roy and Dutta solicited members to the multi-level marketing (MLM) structure of the un- regulated deposit schemes where each participant had to recruit others to earn com- mission on the deposit of other members. Roy and Dutta recruited members under them and made them depos- it a large sum of amount in the company.

"The chargesheet has been filed against Biswanath Roy and Mridul Dutta under Section 120B IPC (corresponding to Section 61(2) of BNS) read with Sections 409 IPC (316(5) BNS), 420 IPC (318(4) BNS), and Sections 25, 21(1), 21(2), 21(3) read with Section 23 of the Banning of Unregulated Deposit Schemes (BUDS) Act, 2019, along with substantive offences," the statement said.

"Further investigation is continuing to examine the roles of other accused, including Gopal Paul, and associated companies. It is pertinent to note that the accused Gopal Paul, director of AJRS Marketing Private Limited, was also arrested by the CBI in this case on November 12 and is presently under judicial custody," it added.

By Staff Reporter