The Kolkata-based businessman allegedly took over Rs 50 crore as loan from the Saradha group but never returned to the company, ED sources said.
The businessman, who was arrested under the Prevention of Money Laundering Act, is also accused of defaulting loans of several banks.
The businessman was the third person arrested by the ED under the PMLA. The other two were wife and son of the Saradha chitfund scam alleged kingpin Sudipta Sen.
The Saradha scam has grabbed headlines as a number of high-profile people, including politicians and sitting MPs, are under the scanner of various probe agencies in this case.
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