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CBI arrests Pailan group chief

The source also claimed that a case had been registered by the Central agency in 2017 against the Group as part of its probe to unearth the larger conspiracy in the ponzy scams on the directive of the Supreme Court.

CBI arrests Pailan group chief

(Representational Image: iStock)

The CBI today arrested Apurba Saha, chairman and managing director of Pailan group in connection with embezzlement of Rs 574 crore in deposit mobilising scam. A source close to the central probe agency said that the Pailan Group chairman and managing director Apurba Saha had been arrested after he failed to come up with satisfactory answers regarding the end-use of Rs 574 crore that his company had mobilised from the investors in the name of giving them high returns.

The source also claimed that a case had been registered by the Central agency in 2017 against the Group as part of its probe to unearth the larger conspiracy in the ponzy scams on the directive of the Supreme Court. The CBI has alleged that Saha, in pursuance of a criminal conspiracy with other directors of the company, had illegally collected Rs 574 crore (approx.) from investors under various fraudulent schemes on assurance of paying high returns on such investments on maturity, an agency spokesperson said.

Earlier in August this year, the CBI had arrested one Bipin Kumar Singh from Sealdah station, a director of the Group in connection with defrauding the people enticed with the hope of getting high returns of the money the Group had mobilised from them. The CBI source claimed that while Singh was one of the first office-bearers of the Group to have been arrested in connection with the ponzy scam, Saha the CMD of the Group was on the run all this while. The agency had also raided his residence at Ballygunge and his offices at Sonarpur and Joka last year in connection with the probe, a source claimed.

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