Special CJM, CBI Cases, Bhubaneswar (Orissa) has convicted Firoz Khan, then director of Safex Group of Companies and sentenced him to undergo three years rigorous imprisonment in a case related to Chit Fund Scam. The court also convicted the Safex Infra India Limited represented by accused Firoz Khan and directed the company to pay compensation of Rs. 12 crore which shall be paid to the unpaid depositors after realisations as per law.

CBI had registered the instant case on June 5, 2014 in compliance of the orders of SC against Safex Group of Companies. It was alleged that accused persons collected about Rs 9.36 crore illegally from investors under different schemes from December 2010 to August 2012 but only returned an amount of about Rs. 45 lakh to the investors, thereby, misappropriating the rest amount in conspiracy with each other.

A chargesheet was filed on September 30, 2015 under Prize Chits and Money Circulation Schemes (Banning) Act, 1978 against Firoz Khan, Director, Safex Group of Companies along with 8 others and one entity namely Safex Infra India Ltd in the court of Special CJM, CBI, Bhubaneswar. Accused Firoz Khan, Director, Safex Group of Companies was named in chargesheeted as an absconder. Subsequently, he was arrested on March 20, 2016 and presently he is in judicial custody. The trial court found the accused guilty and convicted them.

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