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CBI arrests Pailan Group CMD in Rs 574-crore ponzi scam

Press Trust of India  |  New Delhi 

The CBI has arrested Apurba Kumar Saha, the chairman and managing director of Pailan Group, in connection with a Rs 574-crore ponzi scam case, officials said on Tuesday.

The CBI had registered a case against the group in 2017 for allegedly luring investors by promising high returns on investments, they said.

The group had allegedly failed to pay returns to the investors of its ponzi scheme, they said.

The agency has arrested Saha from Kolkata, they said.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, October 29 2019. 19:20 IST