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Ponzi scheme: 2 held for ‘duping investors’ | Kolkata News

The Enforcement Directorate (ED) Saturday said it has arrested two directors of a West Bengal-based company that allegedly ran a ponzi scheme and diverted Rs 1,786 crore worth of public funds. Prabir Kumar Chanda and Pranab Kumar Das, the directors of MPS Greenery Developers Limited, were arrested on August 24.

On Friday, they were produced before a special Prevention of Money Laundering Act (PMLA) court in Kolkata which sent them to ED custody till September 1.

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In a release, the central investigation agency said MPS Greenery Developers Limited raised funds of about Rs 2,682 crore during 1999-2000 to 2013-2014 from investors through various “fraudulent” income schemes, by issuing agro, orchard and teak bonds in violation of norms of banking regulator RBI and markets regulator SEBI.

Meanwhile, the PMLA court granted ED the custody of Pincon Group chairman Manoranjan Roy till September 4 in connection with the alleged “misappropriation of public deposits”.

According to ED, Roy was arrested on July 18. In a release issued on Saturday, the central agency said, “ED had arrested Manoranjan Roy, Chairman of Pincon Group on July 18, 2023, in connection with misappropriation of huge public deposits collected by various companies under Pincon Group.”

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