The CBI on Friday conducted searches at 58 locations across several States on the premises of Kolkata-based Basil International limited in connection with the probe into the chit fund scam.
The searches were conducted at different branches of Basil International ltd and its directors, sources said.
The agency searched the premises of the firm and its directors at 29 locations in West Bengal, 12 in Uttar Pradesh, 11 in the national capital, three in Assam, two in Maharashtra and one in Jharkhand, an agency spokesperson said. The agency sleuths recovered “incriminating” documents during the searches. These documents will be analysed before pursuing further action including questioning of the firm’s promoters, the sources said.
Through a network of its branch offices spread across a number of States, the company has collected several crores from the gullible investors by promising them handsome returns.
The market regulator Securities and Exchange Board of India (SEBI) had in February imposed a four-year ban on the firm and its directors from accessing the capital market for illegally raising funds from investors.
The company has been directed not to access the capital market “from the date of this order till the expiry of four years from the date of completion of refunds to investors,” according to SEBI’s 28-page order.
SEBI had also barred the firm’s directors, Manindra Kumar Basu, Jayanta Kumar Basu, Susanta Kumar Jana, Mohammed Afaque Ahmed and Nirmalendu Bhowmik from markets. The regulator had also directed the company and its promoters to refund the money collected through issuance of redeemable preference shares (RPS), with returns that were promised to the investors.