Guwahati, Sep 8 (IANS) A CBI court in Guwahati has sentenced a man to four years of rigorous imprisonment (RI) and imposed a fine of Rs 14.05 lakh in a case involving the alleged collection and misappropriation of public deposits from investors in Assam, officials said on Tuesday.
The Central Bureau of Investigation (CBI) said the court passed the sentence against Md. Shakir on September 7, following his conviction in the case.
According to the CBI, the case relates to the collection of unregulated deposits from members of the public on the basis of alleged false promises of investment in the stock market and assurances of guaranteed and impractically high returns. The accused was subsequently found involved in cheating depositors, the agency said.
The CBI registered the case on October 25, 2024, after allegations surfaced regarding the collection of public money through investment-related promises.
During the investigation, the agency examined the circumstances surrounding the collection of deposits and the alleged misappropriation of funds. Following the completion of its probe, the CBI filed a chargesheet against Md. Shakir before the competent court on March 28, 2026. The trial subsequently proceeded before the CBI Court in Guwahati. The court convicted Shakir on August 31, 2026.
It pronounced the sentence on September 7, awarding him four years of rigorous imprisonment and imposing a fine of Rs 14.05 lakh.
The conviction marks the culmination of the CBI investigation into the alleged deposit scam, in which investors were reportedly induced to part with their money through promises of stock market investments and unusually high guaranteed returns.
The CBI has repeatedly cautioned the public against schemes promising unrealistic or guaranteed returns, particularly those involving unregulated collection of deposits.
The agency said the latest court verdict followed the completion of investigation and trial proceedings in the case.
The development comes amid continued enforcement action against financial fraud and schemes involving the unauthorised collection of money from members of the public.
–IANS
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