The accused, Durga Prasad Mishra, Managing Director of Micro Finance Ltd (MFL), was arrested from Bhubaneswar, official sources said here.
The agency alleged that the accused had floated 10 firms, including a television channel and, over a period of time, is alleged to have collected Rs 500 crore from the depositors.
He is named in an FIR filed by the agency after Supreme Court asked it to conduct the probe into the multi-crore Saradha scam and related ponzi schemes in West Bengal and Odisha.
MFL came on CBI's radar after the agency questioned one of its directors. Its depositor base is expected to run into thousands and the company had invested in housing, hospitality and the media.
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The company, according to CBI, not only duped investors but also tried to use the state government to gain the trust of depositors despite not being in possession of any Reserve Bank of India (RBI) authorisation to run finance schemes.
RBI had found that the firm was registered as a non- deposit taking non-banking financial company (NBFC) but was collecting deposits from the public using Swain's letter.
The letter mentioned that MFL was established as per RBI guidelines and made good business across the state even though some branches of the firm were closed down after the chit-fund scam surfaced.