Daijiworld Media Network - Guwahati

Guwahati, Sep 8: A CBI court in Guwahati has sentenced Md Shakir 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.

The Central Bureau of Investigation (CBI) said the court pronounced the sentence on September 7, following Shakir's 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 stock market investments and assurances of guaranteed and unusually high returns.

The agency said the accused subsequently cheated depositors by allegedly misappropriating the funds collected from them.

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 alleged misappropriation of funds. Following the completion of the probe, the CBI filed a chargesheet against Shakir before the competent court on March 28, 2026.

The trial was conducted before the CBI Court in Guwahati, which convicted Shakir on August 31, 2026.

The court subsequently sentenced him to four years of rigorous imprisonment and imposed a fine of Rs 14.05 lakh on September 7.

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 guaranteed high returns.

The CBI has repeatedly cautioned the public against schemes offering unrealistic or guaranteed returns, particularly those involving unregulated collection of deposits.

The latest verdict comes amid continued enforcement action against financial fraud and schemes involving the unauthorised collection of money from members of the public.