Kolkata: Pailan Group’s former founder-chairman Apurba Saha was arrested by the CBI in connection with a chit fund scam on Tuesday evening.
He was arrested after several hours of examination by CBI officers in Kolkata. It was learnt the agency had placed evidences of mishandling of funds before him and arrested Saha after he started giving contradictory statements.
In August 2019, the director of the Pailan Group, Bipin Kumar Singh, was arrested by the central probe agency. According to a CBI spokesperson, the group had collected more than Rs 500 crore from the market through different chit fund scams by assuring a high rate of interest.
Saha’s Kolkata’s residence at Ballygunge Park and his four offices spread in North and South 24 Parganas were also searched by the CBI sleuths. “He was arrested on Tuesday evening. We have seized several crucial documents from his offices,” the CBI spokesperson said.
“Investigation has revealed the company had collected a huge amount of money from the market through chit fund and invested the money in its several businesses. On Wednesday, he will be produced before the court. We will pray for his custody.”
In 2014, agents working for Saha’s company lodged complaints against him with the West Bengal police after he failed to pay higher returns as promised. The agents had alleged the investors were threatening them with dire consequences and they were left with no other option but to approaching the police.
In 2015, the Securities and Exchange Board of India (SEBI) had barred two Pailan Group companies, including Pailan Agro India Ltd and Pailan Park Development Authority Ltd, for illegally raising funds worth over Rs 98 crore.
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