CBI arrests founder director of chit fund company

One of the founding directors of Artha Tatwa (AT) Group has been arrested by the CBI for his alleged involvement in the multi-crore chit fund scam famously known as Saradha scam.

New Delhi: One of the founding directors of Artha Tatwa (AT) Group has been arrested by the CBI for his alleged involvement in the multi-crore chit fund scam famously known as Saradha scam.

Joytiprakash Joyprakash, founder director of the group, was arrested yesterday by the agency. It is alleged that the company had cheated investors worth hundreds of crores of rupees.

Last week, the CBI had arrested another Director of the company Sambit Khuntia, who had evaded arrest for nearly one month.

Joyprakash was appointed as Branch Head in Kolkata, along with Chairman and Managing Director of the company Pradeep Sethy who is presently in judicial custody, to expand business in West Bengal.

CBI has registered 44 FIRs in Odisha against as many chit fund companies. These are all off-shoot of infamous Saradha chit fund scam.

The Supreme Court had handed over the Saradha chit fund scam to the CBI and asked the state governments to provide all logistical help to the agency`s team probing the matter.

CBI has formed a Special Investigating Team (SIT) headed by Joint Director Rajiv Singh to also probe the role of the Securities Exchange Board of India (SEBI) and the RBI.

"Investigation conducted so far puts a question mark on the role of regulatory authorities like SEBI, Registrar of Companies and officials of RBI within whose respective jurisdictions and areas of operation the scam not only took birth but flourished unhindered," an apex court bench headed by Justice T S Thakur had said in its order.

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