CBI gets custody of MPS Group chief in chit fund scam

Posted on 18th Mar 2015 12:42 pm by mohit kumar

Kolkata, March 17 (IANS) Probing the chit fund scam in West Bengal, the CBI on Tuesday secured the custody of MPS Group chairman Pramatha Nath Manna, who was arrested for allegedly duping investors.

Manna was arrested on September 27 last year on charges of cheating, forgery, criminal breach of trust and criminal conspiracy and has been in custody since then.

He was presented before the court of Additional Chief Judicial Magistrate Apurba Kumar Ghosh in Barasat in North 24 Parganas district which sent him to custody of the CBI till March 26.

"The company allegedly collected approximately Rs.2,500 crore from the public without valid permission from any regulatory body and funds were diverted and siphoned off," a CBI official said.

The CBI on January 20 had raided 19 locations of the company in the state.

MPS Greenery is one of the several non-Saradha Group companies against which the CBI has registered cases while probing the multi-crore-rupee chit fund scam.

The SEBI in 2013 had issued an advisory warning the public against investing in MPS Greenery Developers Ltd.

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