CBI arrests three directors of ponzi companies

“It was alleged that the accused, in a criminal conspiracy with others, had illegally collected Rs 565 crore from poor investors after fraudulently promising them high returns without any permission from regulatory bodies. In pursuance of that, they allegedly committed cheating and criminal misappropriation of public funds,” CBI Spokesperson said.

In a separate case, CBI has arrested Sankar Saha, then Director of PAFL Industries Ltd, a Kolkata-based company.

CBI spokesperson said Saha allegedly collected Rs 60 crore illegally from gullible investors after promising lucrative rates of interest on their deposits.

“They allegedly committed cheating and criminal misappropriation of public funds,” she said.

The cases were registered by the agency on the orders of Supreme Court on May 09, 2014 passed against the officials of said private companies.

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