The chairman of the MPS Group, which allegedly raised money from the public through an unauthorised collective investment schemes, was arrested here Friday.
Pramathanath Manna was taken into custody after he attended the hearing of the Commission of Inquiry, headed by Justice Shyamal Sen, which has been set up by the West Bengal government to probe the Saradha scam and similar other scandals and recommend ways of returning money to the depositors.
Manna was first detained and then arrested.
He is now under the temporary custody of the Kolkata Police, said city Joint Commissioner of Police Pallab Kanti Ghosh.
He will be handed over to the police personnel of Bankura district where cases have been lodged against the MPS group by investors who have alleged that they were duped by the company.A
"The police officers from Bankura are coming and we will hand him over to him," Ghosh said.
You’ve reached your limit of {{free_limit}} free articles this month.
Subscribe now for unlimited access.
Already subscribed? Log in
Subscribe to read the full story →
Smart Quarterly
₹900
3 Months
₹300/Month
Smart Essential
₹2,700
1 Year
₹225/Month
Super Saver
₹3,900
2 Years
₹162/Month
Renews automatically, cancel anytime
Here’s what’s included in our digital subscription plans
Exclusive premium stories online
Over 30 premium stories daily, handpicked by our editors
Complimentary Access to The New York Times
News, Games, Cooking, Audio, Wirecutter & The Athletic
Business Standard Epaper
Digital replica of our daily newspaper — with options to read, save, and share
Curated Newsletters
Insights on markets, finance, politics, tech, and more delivered to your inbox
Market Analysis & Investment Insights
In-depth market analysis & insights with access to The Smart Investor
Archives
Repository of articles and publications dating back to 1997
Ad-free Reading
Uninterrupted reading experience with no advertisements
Seamless Access Across All Devices
Access Business Standard across devices — mobile, tablet, or PC, via web or app