Ponzi

The CBI has arrested the director of a Durgapur-based company in connection with its probe into a ponzi scam case, a senior official said on Wednesday. Sanjay Kumar Singh, director of a private firm, also known for his close association with arrested TMC leader Raju Sahani, was apprehended following a 10-hour-long grilling session on Tuesday night, the official of the central agency said. "He was arrested after he failed to satisfy our officers with his replies during the grilling session," the CBI official stated. The private firm director was produced before a city court, which remanded him in three-day CBI custody. "Singh had in 2011 colluded with Soumyarup Bhowmik, the then chairman of Burdwan-based Sunmarg Welfare Organisation that ran the ponzi scheme, and committed financial irregularities," the official said. Bhowmik, currently absconding, and Singh had allegedly misappropriated funds to the tune of Rs 419.90 lakh, the CBI official stated. Last month, Sahani was arrested

BitConnect used money from new investors to pay earlier ones, the U.S. said.

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The central probe agency considers these funds to be the proceeds of crime

These companies raised nearly Rs 1,500 cr flouting public issue norms