The directors were arrested for collecting Rs 29 crore as part of a chit fund fraud.
New Delhi:
The CBI has arrested five former directors of a Madhya Pradesh-based private firm in an on-going investigation of a chit fund fraud case.
The accused, in alleged criminal conspiracy with others, had "illegally" collected funds to the tune of Rs 29 crore from poor investors after fraudulently promising high return and without any permission from the regulatory bodies.
The accused had allegedly cheated the investors and misappropriated public funds, the CBI said in a release.
All the five arrested accused were produced before a court in Kolkata today.
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