The CBI has conducted raids in nine locations as a part of their probe into the ATM Group's chit fund case in several areas of West Bengal, the investigation agency spokesperson said today.
The raids were conducted at the offices and residential premises of the chairman and managing director and other directors of the company in nine different locations on Thursday, he said.
During the searches, several documents were seized.
A case was registered in June 2017 against the ATM Group of companies' officials under IPC 406 (criminal breach of trust), 420 (cheating), 120B (criminal conspiracy), 323 (punishment for voluntary causing hurt), 506 (criminal intimidation) and 34 (act done by several persons in furtherance of common intention) against the CMD and other directors of ATM group of companies following orders of the Supreme Court.
As per the complaints, the accused persons had allegedly collected from the public an amount of Rs four to five crore (approx) as deposit on assurance to repay the amount with high rate of interest.
"The accused persons, however, did not repay and misappropriated the invested amount and thereby cheated the investors," he said.