The Chairman of MPS group Greenery Developers Ltd, Pramatha Nath Manna was today remanded to three day police custody by a local court in connection with cheating cases against the group.
Acting Chief Judicial Magistrate Tanusree Dutta remanded Manna to three day police custody.
He was facing charges under various sections of IPC including 406 (Illegal amassment of money), 420 (Cheating) and 120 B (Criminal conspiracy), the government counsel said.
Manna had been arrested from the Shyamal Sen Commission office in Kolkata yesterday, where he arrived after being summoned by the Commission in relation to chit fund cases against the MPS group.
Manna was arrested by Kolkata police and then a Bankura police team took him in their custody for investigations.The arrest followed filing of complaint against Manna by Bankura investors Sanjay Mondal and Shyamsundar Adhikary.
SEBI had directed MPS Greenery Developers in 2012 to close its collective investment schemes and refund the investors within one month, failing which proceedings would be initiated against the entity and its senior officials.
