Ranchi, February 14: The Enforcement Directorate (ED) has filed a chargesheet regarding a ₹308 crore scam linked to the Maxizone chit fund company, which spans several 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 nearly ₹500 crore. The ED has requested the court to seize properties acquired from the alleged proceeds of crime.
According to the ED, Maxizone was not registered as a chit fund company. Instead, it was registered under the name Maxizone Tech Private Limited, with marketing as its official business activity.
Despite this, the company allegedly began soliciting funds from the public by promising high returns within a short period. Investors were lured with promises of returns ranging from 15 to 20 percent, attracting a large number of individuals, primarily from low-income backgrounds.
The investigation agency claims that the company collected hundreds of crores before shutting down its offices in various locations and the directors went into hiding.
Chandrabhooshan Singh has been identified as an interstate fraudster residing in Vaishali district, Bihar. The investigation revealed that he also defrauded low-income individuals in his home district.
During his evasion, he allegedly changed his name to Deepak Singh and created fake documents. He settled in Noida, where he was arrested by 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. Following initial actions, a second search operation was carried out on December 4, 2025.
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