Magnum Chit Fund Directors in CBI remand


Bhubaneswar: The Central Bureau of Investigation (CBI) took two Directors of multi crore fraud Magnum Chit Fund company Directors on a four day remand.

A special CBI Court here granted four day remand period to the two directors identified to be Arun Chaturvedi and Varun Chaturvedi.

Earlier in the day CBI sleuths brought both of them on a transit remand from Lucknow where they are serving judicial custody.

As per sources, the Delhi based company set up in 1985 had duped lakhs of people in the state through its branch offices at Bhubaneswar, Cuttack, Ganjam, Bhadrak and Balasore. Following the discovery of the fraudulent ponzi firm a case was lodged at city based Laxmi Sagar area back in 2013.

At a time when CBI intensifies the current gravity of situation with investigations into multiple chit fund scams all at a time in the state its scanner fell on the fraudulent Magnum Company. Probes into other scams like Rose Valley, Seashore are already under way in the state.

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