Kolkata: One of the directors of the `chit fund` company Saradha Group was on Saturday arrested while its chairman and managing director Sudipta Sen was still at large.
"We have arrested Manoj Kumar Nagel who is one of the directors of the company from Bidhannagar. We are also looking out for their chairman Sudipta Sen by keeping a vigil at airport and other places," a senior police official at Bidhannagar Commissionerate said.
The West Bengal government has already ordered Sen`s arrest. With a huge default in repayments, the Saradha Group is virtually on the verge of collapse.
Pressure on its finances recently forced the group to wind up at least 10 media organisations, including newspapers and television channels it had launched or acquired since 2010-11.