CBI case against two non-Saradha firms

Prasad added, “Cases have been registered against the managing director and the directors of these companies on the allegation of criminal breach of trust, cheating, criminal conspiracy and abetment.”

Meanwhile, investors who have been allegedly duped by the MPS Group on Saturday agitated outside the district court premises in Bankura where Manna was produced following his arrest a day before. Demanding their money back, the investors put up a demonstration outside the court premises. Manna has been remanded into police custody.

According to police sources, complaints of cheating were lodged with Bankura police in April against MPS Group and its key officials. Capital market regulator SEBI had issued an order against the company in 2012 in which it had directed the group to return the money to the investors.

As per that order, MPS had raised more than Rs 1,600 crore until 2012. However, the group did not stop collecting money despite the order against it. On Friday, following the direction of Justice Shyamal Sen commission, group chairman Manna, who was absconding as per police records, was detained by the Kolkata police.

Apart from running a collective investment scheme, MPS has several business ventures on agro products. The company is headquartered in West Midnapore’s Jhargram.