Did the CBI Capture the Fugitive Director Accused of Financial Fraud in Assam?
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Synopsis
In a significant breakthrough, the CBI has captured Ajay Kumar, the former director of Idol India, who had been on the run for years. This arrest marks a pivotal moment in the ongoing investigation of a multi-crore financial fraud impacting countless investors in Assam.
Key Takeaways
- Ajay Kumar was a fugitive for years before his recent arrest.
- The CBI has charged him with serious offenses related to financial fraud.
- Investors in Assam fell victim to misleading investment schemes.
- The investigation was initiated following a notification from the Government of Assam.
- The case highlights the importance of accountability in financial dealings.
Guwahati, July 31 (NationPress) The Central Bureau of Investigation (CBI) has apprehended Ajay Kumar, also known as Raju Gupta, the fugitive former Director of Idol India Group of Companies, in relation to a significant financial fraud case in Assam. He was taken into custody in Kolkata on Wednesday, July 30, after eluding capture for several years, as reported by the agency on Thursday.
The CBI initiated its investigation following a notification from the Government of Assam on May 6, 2013, and in accordance with a Supreme Court ruling issued on May 9, 2014.
As per the CBI's findings, Ajay Kumar and his fellow directors were allegedly involved in establishing several companies—Idol India Infrastructure Ltd, Idol India Debenture Trust, and Idol India Projects Ltd—under various investment schemes.
These schemes lured naive investors throughout Assam with deceitful promises of high returns on their deposits.
The agency claims that the company amassed substantial sums from the public and misappropriated these funds.
After a comprehensive investigation, the CBI submitted a charge sheet on December 22, 2022, to the Special Judge of the CBI Court in Guwahati, implicating Ajay Kumar and others.
Charges were filed under Sections 120B (criminal conspiracy), 406 (criminal breach of trust), 409 (criminal breach of trust by a public servant or banker), and 420 (cheating) of the Indian Penal Code, alongside pertinent sections of the Prize Chits and Money Circulation Schemes (Banning) Act (PCMS Act).
Ajay Kumar had been on the run for several years, avoiding arrest despite numerous efforts by investigators to find him.
Following a tip-off, the CBI successfully located him in Kolkata, where he was detained.
He was then presented before the Chief Judicial Magistrate of North 24 Parganas at Barasat, who approved a transit remand for his transfer to Assam. The accused is set to appear before the Special Judge at the CBI Court in Guwahati for further legal proceedings and custodial interrogation.
Point of View
We recognize the importance of holding accountable those who exploit trust for personal gain. This arrest by the CBI serves as a crucial reminder of the need for vigilance and transparency in financial dealings, ensuring that justice prevails for the victims in Assam.
NationPress
21/09/2025
Frequently Asked Questions
Who is Ajay Kumar?
Ajay Kumar, also known as Raju Gupta, is the former director of Idol India Group of Companies, accused of a significant financial fraud case in Assam.
What are the charges against him?
He faces charges including criminal conspiracy, breach of trust, and cheating under various sections of the Indian Penal Code.
Where was he arrested?
Ajay Kumar was arrested in Kolkata after evading capture for several years.
What is the case about?
The case involves a multi-crore financial fraud where unsuspecting investors were misled by false promises of high returns.
What happens next?
He will be presented before the Special Judge at the CBI Court in Guwahati for further proceedings.
