The Enforcement Directorate (ED) on Monday arrested Biswapriya Giri, the owner- director of chit fund entity URO Group on charges of money laundering by duping investors in multi- level marketing schemes to the tune of around Rs 1,500 crore.
This is not the first time that Giri has been arrested. Earlier in February 2015, soon after the bursting of the chit fund bubble in West Bengal, he was arrested by the cops of Bidhannagar City Police in the same connection.
It is learnt that ED sleuths issued summons to him to be present for questioning at the central agency’s Salt Lake office in the northern outskirts of Kolkata on Sunday afternoon. After a marathon grilling for hours, sources said, he was finally arrested on Monday morning.
The ED sleuths will present him at a special court of the Prevention of Money Laundering Act (PMLA) in Kolkata on Monday only and the central agency counsel will seek his custody for further interrogation.
When last time, Giri, a resident of East Midnapore district of West Bengal, was arrested in February 2015, a total of eight cases were lodged against him by Bidhannagar City Police.
He was known for his close association with a number of influential politicians from the state, and several senior leaders of the ruling party were seen endorsing the products of the URO Group in the past.
The main allegation against the company is that it collected huge amounts of money from ordinary investors under a number of multi- level marketing schemes against lucrative returns after a specific period of time. But that money was never returned.
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