Chit-fund scam: CBI arrests Odisha firm executives

CBI today arrested the Managing Director and Director of the Odisha-based Green India Infra Projects in connection with the multi-crore chit fund scam.
CBI sources said here that MD Pradeep Singh and company director Suneel Panda have been arrested in connection with the scam and added that searches were conducted at 20 locations in Odisha, including at their residential and official premises.
The sources said that Singh and Panda were allegedly on the run for the last six-seven months.
The agency till now has registered 48 cases, including four in West Bengal and 44 in Odisha, in the alleged chit fund scam upon directions from Supreme Court.

At least 44 companies have been named in these FIRs which were mentioned in the May 9 apex court order on a civil writ petition filed in 2013.
The sources said that Green Infra has been named in a case of, among others, alleged cheating and criminal breach of trust.
CBI sources said that the role of regulatory bodies like the Securities Exchange Board of India (SEBI), Reserve Bank of India (RBI) and the corporate affairs ministry would be examined according to the orders of Supreme Court, which had directed CBI to probe the case.