CBI officials on Saturday took two CMDs of the Remac Reality India ltd, a chit fund company, on a seven-day remand.
Sources said though the national investigating had sought a 10-day remand, the Special CBI Court here allowed it to take Partha Pritam Tiwari and Deba Pratap Mazumdar on remand for seven days.
The Kolkata-based chit fund firm is accused of collecting more than `4 crore on the pretext of providing land at prime locations to the investors at cheap rate in Odisha. The company had also assured the customers of hefty returns in lieu of land. It had been collecting deposits after opening their branches in Kalimela of Malkangiri district and Baliapal in Baleswar district.
The branch offices were sealed during the State-wide raid by the Crime Branch in May 2013.
In July 2014, Securities and Exchange Board of India (SEBI) had asked Remac Realty India ltd to stop its ‘collective investment scheme’.