Police Arrest CMD Of Non Banking Firm And Wife for Rs 600 Crore Investment Scam

Jamshedpur: In a major breakthrough, police have arrested the chairman and managing director (CMD) of a non-banking financial company (NBFC), and his wife, for cheating to the tune of Rs 600 crores from hundreds of investors across the country.Disclosing the details of the case on Tuesday, SP (city) Kumar Shivashish informed that the CMD of Maxizone Touch Pvt Ltd, Chandrabhushan Singh (32), and his wife Priyanka Singh (34), were nabbed from the Gomoh railway station in Dhanbad on Monday. He said acting on a tip-off, police personnel in Sakchi arrested the couple, who were about to board the Tejas Rajdhani train to Bhubaneswar.According to the police, the couple have allegedly duped around 25,000 investors from different states through their investment firm, which has a registered address in Sakchi.

Notably, the firm is charged with luring thousands of investors, promising hefty commissions and high returns on their investments from the share and bitcoin markets. However, the couple shut down their firm after taking the investors’ money and fled.Earlier in September 2022, a case was lodged against them at the Sakchi police station by one of the investors, Sushil Kumar Besra of Telco, under sections 406, 420, 120B and 34 of the IPC.

In the subsequent days between 2023 and 2024, six other investors also lodged separate complaints with the Sakchi Police, accusing the couple of duping them of lakhs of rupees. Shivashish informed that they had been trying to arrest the couple for the last three years.In March 2023, the police pasted the proclamation order at the paternal house of the accused in Damodarpur under the Sarai police station limits of Vaishali district in Bihar. “A detailed investigation is being done to find out the details of the case,” the SP added.