The accused', identified as Pranab Chatterjee, is a Trinamool Congress (TMC) leader.
Central Bureau of Investigation (CBI) on Friday arrested Trinamool Congress (TMC) leader and chairperson Board of Administrator (BOA) of Burdwan Municipality in an ongoing investigation in a chit fund fraud case.
CBI stated that they had registered the instant case and taken over the investigation of the case, earlier registered in the year 2014 at Police Station Kulti (West Bengal) in compliance with the orders of the Supreme Court of India wherein CBI was, inter alia, directed to take up all Ponzi Scheme cases of West Bengal and Orissa in addition to other group of companies.
The accused, identified as Pranab Chatterjee, Trinamool Congress leader and chairperson Board of Administrator (BOA), Burdwan Municipality, was arrested in connection with corruption allegations in a chit fund case.
It was alleged that the accused persons (trustees of a trust) allured the public at large to invest in their schemes with a promise of a high rate of returns at maturity without the requisite permission from the regulatory authorities. It was further alleged that a large number of investors invested their hard-earned money with the trust. It was also alleged that the trustees failed to repay the maturity amount, cheated the investors, misappropriated their hard-earned money, closed down the branches and fled.
During the investigation, it was revealed that Pranab Chatterjee was closely associated with the trust and the trustees. It was further alleged that the arrested accused was associated in registration of the trust and allowed the trust to carry on its business of illegal deposit collection from his commercial complex.
It was also alleged during the investigation that Chatterjee, in conspiracy with the other accused (trustee), had misappropriated approximately Rs.3.74 crore from the trust for personal use through various methods.
Searches were conducted on the premises of the accused which led to recovery of several incriminating materials.
Chatterjee was produced before the Courts of Judicial Magistrate (CJM) Asansol, and was remanded to two days of police custody.