Lagatar24 Desk
Ranchi: The Enforcement Directorate (ED) is expected to file a chargesheet this week in the Maxizone chit fund scam case. The directors of the company, Chandrabhooshan Singh and his wife Priyanka Singh, are currently lodged in Birsa Munda Jail.
Accused of Fraud and Money Laundering
The duo faces allegations of defrauding investors of over ₹500 crore and laundering the proceeds. They allegedly lured people from Jharkhand, Bihar, Uttar Pradesh, and other states to invest in the chit fund scheme by promising high returns and then fled.
Properties Bought With Illicit Money
The initial FIR was lodged at Jamshedpur police station in Jharkhand, based on which the ED registered an ECIR and began a money laundering probe. The investigation revealed that Chandrabhooshan and Priyanka used the defrauded funds to acquire immovable and movable assets. ED has conducted two raids on Chandrabhooshan’s premises, recovering documents related to investments worth over ₹300 crore.
Fake Identity and Arrest
After absconding, Chandrabhooshan assumed a new identity as “Deepak Singh” and hid in Noida. He was eventually arrested by police in August 2025.
