The CBI on Wednesday arrested a promoter of a Kolkata-based private company in connection with an ongoing investigation of a 2014 case related to chit fund scam then worth `565 crore.
The agency also conducted searches at two places in West Bengal which led to recovery of several incriminating documents.
It was alleged that the accused person Debabrata Sinha of the accused entity Infinity Realcon Ltd. entered into a conspiracy with other directors of the firm which resulted in
misappropriation and siphoning off the fund illegally collected by the private company from gullible investors, the agency said in a statement.
The accused allegedly acted as a middle man between said private company and the regulators and got undue approvals in favour of the accused company from the regulatory authorities, it alleged.