CBI on Friday registered two cases against many companies in West Bengal under chit fund scam in which thousands of investors, attracted by higher interest were cheated of their deposits.
CBI sources said the cases against Ramel Industries and Infrastructure Annex recorded in connection with its investigation into Ponzi scheme, which was a branch of a probe against Saradha Group of Companies agency.

They said that cases have been registered under the command of the Supreme Court on May 9 this year. "Cases have been registered against the directors of these companies over allegations of criminal breach of trust, cheating, criminal conspiracy and violation of the Prize Chit Money Circulation Scheme Prohibition Act," CBI spokesperson said here today. The probe chit fund scam began as complaints against Saradha group poured in, which led the Supreme Court to issue a warrant for a detailed probe.

There are four FIR against Saradha Group alleging thousands of investors were misled by company officials and their associates who ripped their deposits.

In addition, there are 44 companies FIR against Ponzi Odisha. The Supreme Court had handed the chit fund scam probe to CBI Saradha and asked the state governments to provide all logistical support to the group of the agency investigating the matter. CBI has formed a Special Investigation Team (SIT) headed by Deputy Director Rajiv Singh to investigate the role of the Securities Exchange Board of India (SEBI) and RBIs.