The Enforcement Directorate (ED) stated on Saturday that it just lately arrested Manoranjan Roy, Chairman of chit-fund entity Pincon Group.
Roy has been arrested on prices of misappropriation of funds collected from a number of traders as deposits below varied multi-level advertising schemes of the Ponzi entity. He has been remanded to judicial custody until September 4.
“The ED investigation revealed that Pincon group of corporations managed by Roy and his associates collected cash from folks by fraudulent representations, luring harmless public with excessive fee of curiosity upon maturity of deposits collected below completely different schemes like MIS, FD and RD.
“However, they did not pay the traders their dues after maturity and thereby cheated them. In whole, Pincon Group collected Rs 638 crore (approx) from the general public within the names of the above fraudulent schemes, ” a press release issued by the ED learn.
To recall, in July this 12 months, the ED had arrested Kolkata-based businessman and CEO of a well-liked Bengali information channel, Kaustuv Roy, identified for his shut affiliation with West Bengal Chief Minister Mamata Banerjee, on prices of monetary defulcation.
The ED received particular clues about Kaustuv Roy’s involvement within the affairs of Pincon Group.
In August final 12 months, two groups of ED and the Income Tax Department had carried out simultaneous raids on the residence and workplaces of Kaustuv Roy. At that time of time, the Chief Minister had described the company actions as a ploy by the BJP and the Union authorities to gag the media.
Kaustuv Roy, a Kolkata-based businessman, had been concerned in a number of sectors like computer systems, software program and media.
In March 2018, he, because the Director of RP Infosystems, was arrested by the Central Bureau of Investigation (CBI) in reference to a Rs 515 crore financial institution fraud rip-off involving a consortium of banks, together with the Punjab National Bank and Canara Bank.
In September 2021, a Bengali channel owned by Kaustuv Roy acquired a warning of cancellation of licence from the Union Ministry of Information & Broadcasting citing the Ministry of Home Affair’s denial of “security clearance”.