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CBI arrests Samruddh Jeevan chief in ponzi scam

PTI 27 Apr 2016, 21:38:17 IST
PTI

New Delhi: CBI today arrested Chairman-cum- Managing Director of Samruddh Jeevan Foods India Limited Mahesh Kishan Motewar from Bhubaneswar in connection with ongoing probe in a ponzi scam case. 

Motewar is alleged to have collected over Rs 1,500 crore from people luring them with higher interest rates, CBI sources said, adding that he has been sent to five days of agency's custody. 

They said Samruddha group has 17 associate sister concerns including a news channel and one multi state cooperative society based in Pune. 

The sources said a case was registered under the IPC sections related to that of cheating, and criminal conspiracy besides provisions of Prize chit and money circulation (banning Act) against the company. 

Earlier, CBI had carried out searches at 58 locations across the country at the offices and residential premises of the owner and directors of the company. 

The ponzi companies in the country are believed to have collected over Rs 80,000 crore from over six crore gullible investors spread across the country offering them higher interest rates.