Agartala, May 30, 2026: A Special CBI Court has convicted and sentenced three key officials of Pragatisheel Infra Project and Services Limited (PIPSL) in connection with a chit fund scam involving the alleged misappropriation of around ₹5.5 crore collected from depositors across Tripura.

According to advocate Prasenjit Saha, who appeared in the case, PIPSL began operations in Kailashahar in 2009 and later expanded its network by opening nearly 14 branches across the state. While the company initially repaid investors regularly, depositors started facing difficulties in recovering their investments after 2011, even after their schemes matured.

Following complaints from aggrieved investors, a case was registered against the company’s Chairman Arindam Das, Dipshikha Chakraborty Das, and Managing Director Paritosh Das on charges of cheating and fraud. The investigation was subsequently handed over to the Central Bureau of Investigation (CBI).

After an extensive probe, the CBI filed a chargesheet, and during the trial, the court examined seven witnesses. Based on the evidence presented, the court found all three accused guilty.

The Special CBI Court sentenced each of the convicted persons to five years of rigorous imprisonment and imposed a fine of ₹1 lakh under Sections 120(B) and 420 of the Indian Penal Code. They were also awarded six years of imprisonment and fined an additional ₹1 lakh each under Section 3 of the Tripura Protection of Interests of Depositors (TPID) Act. Failure to pay the fines will attract further imprisonment as per law.

In addition, the court imposed a fine of ₹5 lakh on the company under the TPID Act and another ₹1 lakh under IPC provisions.

The court further directed the Sub-Divisional Magistrate to take necessary steps for repayment to depositors through the sale or lawful utilization of the company’s movable and immovable assets.

Legal observers believe the verdict offers long-awaited relief to more than 100 affected depositors who had been seeking justice for years.