Three Jailed Over Multi-Crore Chit Fund Scam in Tripura, Special CBI Court Convicts Company CMD, MD and Director

By Our Correspondent

Agartala, May 31, 2026

In a significant judgment against financial fraud and illegal deposit schemes, a Special Central Bureau of Investigation (CBI) Court in Agartala has convicted three key officials of a chit fund company for cheating thousands of investors and illegally mobilizing public deposits worth more than Rs.5 crore.

The convicted individuals are Arindam Das, Chairman-cum-Managing Director (CMD) of Pragatishil Infraproject Private Limited (PIPL), Paristosh Das, Managing Director, and Dipsita Das Chakraborty, Assistant Director of the company.

The court found them guilty under charges of criminal conspiracy (Section 120B IPC), cheating (Section 420 IPC), and provisions of the Tripura Protection of Interests of Depositors (TPID) Act, 2000.

According to Special Public Prosecutor Prasenjit Saha, the accused had incorporated Pragatishil Infraproject Private Limited and established its corporate office in Kailashahar, Tripura, while operating branch offices across different parts of the state and neighboring lower Assam.

Through these offices, the company collected money from the public by promising lucrative returns on maturity. Large numbers of ordinary investors deposited their savings in the scheme, attracted by assurances of high profits.

However, when the maturity period arrived, the company allegedly failed to repay the investors, leading to widespread complaints and financial distress among depositors.

Investigations revealed that the company had mobilized more than Rs.5 crore from investors through dubious chit fund and deposit schemes.

Following complaints from aggrieved investors, multiple police cases were registered. The matter was later transferred to the CBI for a detailed investigation.

During the probe, investigators reportedly found that Arindam Das had earlier been associated with the Kama India Group and had subsequently established the present company. Investigators also found that he had launched a microfinance venture in Kolkata without obtaining the necessary approvals from the Securities and Exchange Board of India (SEBI) and other competent regulatory authorities.

After a prolonged trial and examination of evidence, the Special CBI Court presided over by Judge Debasish Kar convicted all three accused.

The court imposed the following sentences:

Five years' imprisonment and a fine of Rs.1 lakh each under Section 120B (criminal conspiracy).

An additional five years' imprisonment and a fine of Rs.1 lakh each under Section 420 (cheating).

Six years' imprisonment and a fine of Rs.1 lakh each under the TPID Act, 2000.

In addition, the court imposed a penalty of Rs.5 lakh on the company.

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