The Enforcement Directorate (ED) has arrested two directors of a West Bengal-based company on charges of cheating investors through a Ponzi scheme. The central agency stated in a statement that the directors of MPS Greenery Developers Limited, Prabir Kumar Chanda and Pranab Kumar Das, were arrested on August 24 and were remanded in ED custody until September 1 by a special court under the Prevention of Money Laundering Act (PMLA) in Kolkata.
MPS Greenery Developers Limited raised approximately ₹2,682 crores from investors through various ‘fraudulent’ income schemes between 1999-2000 and 2013-2014, issuing Agro, Orchard, and Teak bonds, in violation of the standards set by the Reserve Bank of India (RBI) and the Securities and Exchange Board of India (SEBI).
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