Photo Courtesy: northeasttoday
Agartala: A special CBI court in Tripura has convicted three senior officials of Pragatisheel Infra Project and Services Limited (PIPSL) for their role in a 5.5 crore rupee chit fund scam. Chairman Arindam Das, Dipshikha Chakraborty Das, and Managing Director Paritosh Das were found guilty of cheating and fraud after an extensive investigation by the Central Bureau of Investigation.
PIPSL launched its operations in Kailashahar in 2009 and eventually expanded to 14 branches throughout the state. While the company initially maintained payments to investors, depositors began struggling to recover their funds after 2011. Following numerous complaints, the case proceeded to trial where the court reviewed testimony from seven witnesses before delivering the verdict.
The court sentenced each individual to five years of rigorous imprisonment under the Indian Penal Code, plus an additional six years under the Tripura Protection of Interests of Depositors (TPID) Act. Each convict faces a total of 2 lakh rupees in fines. The company itself faces further penalties totaling 6 lakh rupees.
To provide restitution to the more than 100 affected depositors, the court has directed the Sub-Divisional Magistrate to liquidate the firm's assets. Authorities will use the proceeds from these movable and immovable properties to repay those who lost money in the scheme.
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