The Central Bureau of Investigation (CBI) arrested Ajay Kumar, alias Raju Gupta, in Kolkata on Wednesday, July 30, ending a years-long manhunt for the director of Idol India Group of Companies, accused of orchestrating a multi-crore Ponzi scheme in Assam. Kumar, who allegedly defrauded thousands of investors with false promises of high returns, was nabbed after evading arrest since the CBI took over the case in 2014, following a Supreme Court directive.

Operating under entities like Idol India Infrastructure Ltd., Idol India Debenture Trust, and Idol India Projects Ltd., Kumar lured investors across Assam with schemes promising lucrative interest rates. The CBI alleges he misappropriated funds, leaving victims with losses estimated at over Rs 500 crore, based on complaints filed with Assam Police in 2013.

A chargesheet was filed against Kumar and associates on December 22, 2022, before the Special CBI Court in Guwahati, under IPC Sections 120B (criminal conspiracy), 406 and 409 (criminal breach of trust), 420 (cheating), and Sections 4, 5, and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978.

The CBI’s breakthrough came after extensive efforts to track Kumar’s whereabouts, culminating in his arrest in Kolkata’s North 24 Parganas. “Our team’s persistent digital and field investigations led to his capture,” a CBI spokesperson said. Kumar was produced before the Chief Judicial Magistrate in Barasat, who granted transit remand to present him before the Guwahati court. The agency continues to probe other accomplices, with 41 related financial fraud cases under investigation in Assam, including recent chargesheets against Gopal Paul, Biswanath Roy, and Mridul Dutta for similar scams.

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This arrest follows a pattern of CBI crackdowns on Assam’s Ponzi schemes, with 18 accused charged in five unregulated deposit cases in December 2024 alone. The agency’s Guwahati unit, handling 93 searches across five states, has seized digital evidence and frozen assets worth crores. Assam’s 2013 crackdown on fraudulent schemes, spurred by the Saradha Group scandal, led to over 200 cases transferred to the CBI, exposing systemic financial fraud targeting vulnerable investors.

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