The managing director of Sumangal Group, Subrata Adhikari, was arrested on the charge of money laundering from a guest house in Mumbai, police said on Monday.
“He was arrested by a team of Kolkata police from the guesthouse in Mumbai on Saturday night.
He is being brought to Kolkata and will be produced in a court here,” Joint Commissioner of Police (Crime) Pallab Kanti Ghosh said.
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The charges levelled against Adhikari includes money laundering and raising money through chit fund ponzi schemes, he added.
The Sumangal Group allegedly amassed deposits worth Rs 100 crore from West Bengal and neighbouring states through a ‘Flexi Potato Purchase Scheme’, police informed.
In December last year, nearly 5,000 depositors staged an agitation and lodged a complaint with Shakespeare Sarani police against the company and Adhikari for the non-payment of amount against matured Potato Flexi Bonds. But by then, Sumangal had closed offices here and all its directors went absconding.
Investigations has revealed that Sumangal promised depositors 30 to 100 per cent returns on their investments within 15 months through the scheme involving purchase and subsequent sale of potatoes.
Adhikari was later produced before Chief Metropolitan Magistrate Biswajit Seth, who remanded him to police custody for 14 days.
The accused would be in Kolkata Police’s custody till July 18.
Adhikari was charged under Sections 120B (criminal conspiracy), 406 (criminal breach of trust) and 420 (cheating). His wife, who was arrested earlier, was also in the judicial custody.