Ranchi, February 13: The Enforcement Directorate (ED) has filed a chargesheet in connection with a ₹308 crore scam involving the Maxizone chit fund company, which spans multiple states including Jharkhand. The chargesheet names company directors Chandrabhooshan Singh, his wife Priyanka Singh, and Maxizone Tech Private Limited as accused.
The chargesheet, submitted to a special judge under the Prevention of Money Laundering Act (PMLA), alleges money laundering and fraud amounting to approximately ₹500 crore. The ED has requested the court to seize properties purchased with the proceeds of the alleged crime.
According to the ED, Maxizone was not registered as a chit fund company; it was officially registered as Maxizone Tech Private Limited, with marketing as its stated primary activity. Despite this, the company began soliciting funds from the public by promising high returns of 15 to 20 percent in a short period, attracting a large number of investors, primarily from lower-income groups.
The investigation agency claims that the company collected hundreds of crores before shutting down its offices in various locations and that its directors went into hiding.
Chandrabhooshan Singh has been identified as an interstate fraudster, residing in the Vaishali district of Bihar. The investigation also revealed that he defrauded lower-income individuals in his home district. During his flight, he allegedly changed his name to Deepak Singh and created fake documents, eventually residing in Noida. He was arrested by Noida Police in August 2025. The ED initiated its investigation based on a First Information Report (FIR) registered at the Sakchi police station in Jamshedpur.
In September 2025, multiple raids were conducted in Delhi, Noida, Ghaziabad, Varanasi, Dehradun, and Vaishali. A follow-up search operation was carried out on December 4, 2025, based on initial findings.
My name is Ganpat Singh Choughan. I am an experienced content writer with 8 years of expertise in the field. Currently, I contribute to Udaipur Kiran & Daily Kiran, creating engaging and informative content across a variety of categories including technology, health, travel, education, and automobiles. My goal is to deliver accurate, insightful, and captivating information through my words to help readers stay informed and empowered.
