CBI arrests WB ponzi firm chief

CBI has arrested the managing director of a chit fund company in West Bengal for allegedly duping investors of over Rs 2,500 crore.
CBI sources said the arrest has been made in connection with its probe into the ponzi scam, an off-shoot of the infamous Saradha scam.
CBI spokesperson Kanchan Prasad said here today that PN Manna has been sent to judicial custody till March 26 in connection with its probe against MPS Greenery Developers Ltd.
It is alleged that the compamny collected over Rs 2,500 crore from the public without valid permissions from any regulatory body and these funds were divereted or siphoned off, sources here said.

Manna was produced before a court in Barasat in West Begal which remanded him to CBI custody till March 26 while rejecting his bail plea.
Additional Chief Judicial Magistrate Apurba Kumar Ghosh remanded Pramatha Nath Manna, chief of MPS, to CBI custody as requested by the investigating agency to interrogate him on charges of duping investors in the North 24 Parganas district.
Manna was arrested on September 26 of last year in Bankura on charges of cheating investors and his North 24 Parganas office was raided by sleuths some time back.
The central agency, probing the Ponzi scams, had conducted raids at 19 locations across the state, including in the North 24 Parganas and Bankura districts.