THE JHARKHAND STORY NETWORK
Ranchi, Feb 13: The Enforcement Directorate (ED) has filed a chargesheet (Prosecution Complaint) in connection with the ₹308 crore Maxizone chit fund scam, naming company director Chandrabhushan Singh, his wife Priyanka Singh, and Maxizone Tech Pvt Limited as the accused.
Chandrabhushan Singh, a native of Vaishali district in Bihar, has been identified by the ED as an inter-state fraudster.
The Prosecution Complaint, filed before the Special Judge under the Prevention of Money Laundering Act (PMLA), alleges money laundering and fraud amounting to around ₹500 crore. The ED has requested that the court confiscate properties allegedly purchased with the proceeds of crime.
Company not registered as a chit fund
According to the ED, Maxizone was not registered as a chit fund company. It was incorporated as Maxizone Tech Pvt. Limited, with marketing listed as its primary business. However, the company allegedly began collecting funds from the public by promising high returns within a short period.
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To attract investors and build credibility, the company allegedly offered returns of 15 to 20 per cent in a short span. This lured a large number of investors, particularly from low-income groups, who invested several hundred crores of rupees.
After mobilising funds, the company’s directors allegedly shut down offices at multiple locations and went absconding.
Accused changed identity, arrested in Noida
While on the run, Chandrabhushan Singh and his wife reportedly kept changing locations. Chandrabhushan later changed his name to Deepak Singh, allegedly obtained forged documents under the new identity, and began living in Noida. He was arrested by Noida Police in August 2025.
ED probe and raids
The ED initiated its money laundering investigation after converting an FIR lodged at Sakchi police station in Jamshedpur into an Enforcement Case Information Report (ECIR).
In September 2025, the ED conducted searches at multiple locations linked to the accused in Delhi, Noida, Ghaziabad, Varanasi, Dehradun, and Vaishali. Based on findings from the initial raids, a second round of searches was carried out on December 4, 2025.
The ED has stated that the investigation revealed that Chandrabhushan Singh also defrauded low-income people in his native Vaishali district. Further proceedings in the case are underway.