CBI Cracks Down on Tripura Chit-Fund Scam, Arrests Three Fugitives from Hyderabad, Assam, and Tamil Nadu

In a major breakthrough, the Central Bureau of Investigation (CBI) has arrested three absconding accused linked to the Tripura chit-fund scam from Hyderabad, Assam, and Tamil Nadu. The accused, identified as Minnatullah Barbhuiya, Kamrul Islam Barbhuiya, and Imdadullah Barbhuiya, were actively involved in fraudulent financial schemes under Kama (India) Projects and Services Ltd.

The Tripura chit-fund scam revolves around illegal fundraising operations, where unsuspecting investors were lured into depositing money with false promises of high returns. The scam has caused financial distress to thousands of investors, leading to multiple police cases and a CBI probe.

CBI’s Nationwide Crackdown on Chit-Fund Scam Accused

The CBI’s Special Investigation Team (SIT) conducted operations in three different states to arrest the fugitives:

• Minnatullah Barbhuiya was arrested in Hyderabad.
• Kamrul Islam Barbhuiya, a director of Kama (India) Projects and Services Ltd, was apprehended in Hojai, Assam.
• Imdadullah Barbhuiya, another key accused, was tracked down and arrested in Vellore, Tamil Nadu.

The accused had been on the run for years, evading law enforcement while continuing to misappropriate investor funds through illicit financial schemes.

Tripura Chit-Fund Scam: A Multi-State Financial Fraud

The CBI had re-registered cases against Kama (India) Projects and Services Ltd after taking over investigations from local police authorities in Tripura. These cases include:

• West Agartala Police Station case (October 18, 2014)
• Kumarghat Police Station, Unakoti District case (March 21, 2013)
• Teliamura Police Station, Khowai District case (August 24, 2012)

The scam involved the collection of massive sums of money from investors by offering high returns without obtaining proper authorization from regulatory bodies such as SEBI (Securities and Exchange Board of India) and RBI (Reserve Bank of India).CBI Statement: “The accused collected huge amounts of money from the public/investors by assuring inflated returns without having any authority from SEBI, RBI, or any other regulatory bodies. The entire money was misappropriated by the operators and management of Kama (India) Projects and Services Ltd.”

How the Chit-Fund Scam Defrauded Investors?

The fraudulent scheme followed a classic pyramid investment model, wherein:

1. Investors were promised abnormally high returns on their deposits.
2. The company, Kama (India) Projects and Services Ltd, functioned without regulatory approval, violating SEBI and RBI norms.
3. Initial investors were paid using money collected from new investors, creating an unsustainable Ponzi structure.
4. When the scheme collapsed, thousands of investors lost their life savings, with the operators misappropriating the funds.

The Tripura government, recognizing the severity of financial fraud, transferred the investigation to the CBI for an in-depth probe.

Legal Proceedings and Future Investigations

With the arrests of the three absconding accused, the CBI is expected to:

• Unravel the full extent of the scam and identify other beneficiaries.
• Track the financial assets and money trails linked to the scam.
• Recover misappropriated funds and facilitate restitution for victims.
• Strengthen regulatory measures to prevent such fraudulent chit-fund schemes in the future.

Legal experts suggest that the accused could face multiple charges, including:

• Cheating and fraud under the Indian Penal Code (IPC).
• Violation of SEBI and RBI guidelines.
• Criminal conspiracy and financial misappropriation.

Tripura Chit-Fund Scam: A Lesson for Investors

The Tripura chit-fund scam serves as a cautionary tale for investors across India. Authorities urge the public to:

• Verify the legitimacy of financial schemes before investing.
• Check for SEBI and RBI approvals of investment firms.
• Avoid get-rich-quick schemes that promise unrealistic returns.
• Report suspicious activities to the authorities to prevent further financial frauds.

The arrests of Minnatullah Barbhuiya, Kamrul Islam Barbhuiya, and Imdadullah Barbhuiya mark a noteworthy development in the Tripura chit-fund scam investigation. The CBI’s crackdown on these financial fraudsters sends a strong message against Ponzi schemes and fraudulent investment practices.

As the investigation progresses, authorities will focus on recovering lost funds, strengthening financial regulations, and ensuring justice for the victims of the scam. The case underscores the need for stronger oversight in the financial sector to protect investors from fraudulent investment schemes.