The Central Bureau of Investigation has registered multiple cases related to chit fund cases in Jamtara in Jharkhand. The federal probe agency registered the FIRs on the orders of Jharkhand High Court to investigate the cases which date back to 2014 and 2015.

According to CBI, “It was alleged that the accused persons of a private firm in conspiracy with each other had collected Rs 25 lakh from different investors of Jamtara district with a false promise of high returns on their investment between 2011 and 2014 and issued them forged certificates in the name of the company. It was also alleged that accused later issued them post-dated cheques in lieu of the money due to them, and these cheques bounced.”

In one of the FIRs, complainant Pratima Kacchap has alleged that “I was working as an agent for Praveen Zenith and Marketing Consultancy Private Limited. In the year 2010, the company launched a scheme that anyone who invests Rs 500 per month, will get a return of Rs 40,000 in one year. Similarly, the scheme was for people who can invest Rs 1,000, 2,000, and 10,000. We got Rs 20 lakh invested but after completion of the term, the Managing Director Praveen Kumar Singh started making excuses and did not return money to investors.”

Pratima in the FIR has alleged that just like her, thousands of agents got money invested in the firm of Praveen. Praveen allegedly had multiple such firms and has defrauded crores of public money.

Similarly, in another FIR, a group of agents has alleged that they got money invested for Dolphin Group of Companies which had multiple branches on Jharkhand. However, after investment, the company refused to pay back and defrauded thousands of investors.

Jamtara is known for cybercrime wherein in an organised manner, the youths cheat people across the country over the phone in the name of online banking or KYC. Multiple such rackets, operating from Jamtara, have been busted by the state police.