CBI raids 16 locations in Hyd'bad, Kolkata in Ponzi case

Kolkata/Hyderabad, March 11
The Central Bureau of Investigation (CBI) on Wednesday carried out searches at over 16 locations in Hyderabad and Kolkata in connection with its probe into a chit fund case, officials said.

A senior CBI official related to the probe said that multiple teams were carrying out searches at the offices of Ashok Group of Companies and the residential premises of its officials in Hyderabad and Kolkata for cheating investors to the tune of Rs 20 crore.

The CBI official said that a case against the company was registered at the Economic Offences (EO) unit in Kolkata on the directions of the Supreme Court. He said that the company had promised huge rate of return on the investments made in the company.