The Enforcement Directorate (ED) on Saturday stated it has arrested two administrators of a West Bengal-based firm that allegedly ran a ponzi scheme and diverted Rs 1,786 crore price of public funds.
Prabir Kumar Chanda and Pranab Kumar Das, administrators of MPS Greenery Builders Restricted, have been arrested on August 24 and a particular Prevention of Cash Laundering Act (PMLA) courtroom in Kolkata despatched them to ED custody until September 1, the central company stated in an announcement.
MPS Greenery Builders Restricted raised funds of about Rs 2,682 crore throughout 1999-2000 to 2013-2014 from traders via varied “fraudulent” earnings schemes, by issuing agro, orchard and teak bonds in violation of norms of banking regulator RBI and markets common SEBI, it alleged.
The corporate was managed and managed by its CMD Pramatha Nath Manna, the 2 arrested administrators and different associates.
The ED alleged that the accused “diverted” public funds of Rs 1,786 crore to subsidiary and affiliate corporations of MPS Greenery Builders Restricted and related corporations.
“The funds have been finally withdrawn as money, diverted to 3rd get together entities and properties have been acquired within the identify of administrators and their members of the family,” it claimed.
(Solely the headline and film of this report might have been reworked by the Enterprise Customary workers; the remainder of the content material is auto-generated from a syndicated feed.)
First Printed: Aug 26 2023 | 5:12 PM IST
