ED files charge sheet in Rs 521 crore Maxizone chit fund scam, makes director and his wife accused

Ranchi: ED has filed a charge sheet in the special court of ED located in Ranchi against the accused company Maxizone and its operators in the Rs 521 crore chit fund scam case. Among those against whom the chargesheet has been filed, apart from the accused company Maxizone, its director Chandrabhushan Singh and his wife Priyanka Singh have been made accused.

It is alleged that this company was not registered for investment. Maxizone Tech Private Limited’s work was marketing, but it started making investments like a chit fund company. Investors were deceived with better returns in a short period of time. To establish confidence among the investors, the company gave returns of 15 to 20 percent to some people in a short time, after which the number of investors kept increasing.

After crores of rupees were deposited, the company closed its office and its directors absconded. When ED verified in the bank, the entire case came to Rs 521 crore. This fraudulent amount was deposited in 21 banks. Out of this, investors worth Rs 308 crore have been identified and verified so far. ED has told the court that the investigation in this case is still going on.

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After absconding, Chandrabhushan Singh, director of Maxizone Company, changed his name to Deepak Singh. He also made a fake document in his name. He was caught from Noida in August 2023. He is originally from Vaishali district of Bihar.

Three FIRs have been registered in Jamshedpur in the Maxizone chit fund scam case. On the basis of this, Enforcement Case Information Report (ECIR) was registered under PMLA in the zonal office of ED in Ranchi.

On the basis of this case, on September 16, 2025, ED had raided the locations of Jharkhand, Bihar, Uttar Pradesh, Rajasthan and Karnataka related to the operators of this chit fund company. After the new information received in this raid, ED had raided 20 locations located in Delhi, Noida and Ghaziabad for the second time on December 4, 2025.

ED has requested the Ranchi-based PMLA court to allow attachment and confiscation of movable and immovable properties of chit fund company Maxizone. ED has told the court that the accused have acquired movable and immovable assets worth crores of rupees from the proceeds of crime. All these assets have been marked and can be confiscated. ED will take action to confiscate the property as soon as it gets the court’s permission.

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