Gwalior: The Gwalior Bench of Madhya Pradesh High Court on Tuesday granted Central Bureau of Investigation (CBI) three months time to complete its investigation into the chit fund forgery in the state.

The division bench comprising Justice Sushil Harkoli and Justice S K Gangele has asked CBI to submit its final probe report by January 10.

CBI had requested for an extension on the grounds that the nexus of chit fund companies is spread across the country, therefore it needs need time to complete a detailed investigations.

Arguing for the CBI, Additional Advocate General Ankur Modi and Vijay Sundaram said that during investigations it was found that the tentacles of the chit fund companies have grown into the rural belts across the country.

Hence, the investigating agency requires more time to conclude the probe and prepare the final report on it, the counsel pleaded.

It is noteworthy that the Gwalior district administration had shutdown around three dozen chit fund companies active in the district.

The case was later handed over to the CBI for further investigations.