CBI today arrested Ramendra Mohan Sarkar and Sukanta Deb, both then Directors of Ramel Industries Ltd, in a cheating case.
It was alleged that both had collected money from investors under its investment schemes by fraudulently promising very high returns and also without the permission from the regulatory bodies, and later misappropriated it.
CBI sources said a case was registered by the agency on November 28, 2014 on the orders of the Supreme Court on May 9, 2014 passed against the Directors of the company.
The agency has registered the FIR under IPC sections relating to cheating against these Directors.
"The accused had allegedly closed operations and wound up business, thereby cheating the investors. The arrested accused will be produced tomorrow before the court concerned," CBI spokesperson said.
In June this year, Sebi had prohibited Ramel Industries and its four directors from selling their various immovable and movable assets, as part of its efforts to recover dues of over Rs 130 crore.
After finding that the company and its directors illegally raised funds from the public, the watchdog had asked them to refund the money to investors.
The entities have now been barred from disposing of 319 immovable properties as well as other movable assets, according to an order passed by Sebi's Recovery Officer D V Sekhar.
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