The CBI has arrested two former managing directors (MDs) of companies in cases related to two separate Ponzi scams. Officials said on Thursday that these two scams amounted to Rs 756 crore.
Officials said Awadhesh Singh, the then MD of Sun Plant Agro Limited, has been arrested for illegally raising 697 crores and Dipankar Dey, the then MD of New Land Agro Industries Ltd, for fraud of Rs 139 crores.
These people had raised this amount by assuring investors high returns. The CBI alleges that they both absconded and misused the money after raising money from investors in West Bengal.
The investigating agency took over the investigation of Saradha and other Ponzi scam cases on the Supreme Court's order of 9 May 2014. The Sun plant Agri had raised money by offering investors a lure of breathtaking returns in the name of selling trees. SEBI had also found irregularities in the plans of New Land Agro and directed the refund of the money.