Kolkata, Aug 29 The Enforcement Directorate (ED) on Tuesday arrested Partha Chakraborty, the chief of the chit fund entity Chakra Group of Companies, on charges of money laundering to the tune of around Rs 60 crore.
Soon after the arrest, the ED produced Chakraborty before a special PMLA court, which remanded him to ED custody till September 8 after a brief hearing.
As per the charges framed by the ED, the accused collected deposits amounting to Rs 59.15 crore in the name of multi-level marketing schemes promising lucrative returns. However, even after the lapse of a reasonable time, the Ponzi entity did not return money to the investors, mainly belonging to the financially marginalised sections of the society.
On Tuesday, the ED counsel informed the special court that the accused adopted several measures to divert the deposits collected from these depositors using various channels.
The accused also resorted to multiple financial transactions dealing with sale and purchase of a number of properties with the clear intention of money laundering, the ED counsel informed the court.
However, the counsel of the accused claimed that his client has been arrested in a case which is 10 years and old hence his arrest by the central agency was irrational.
However, after hearing both sides, the judge remanded the accused to ED custody till September 8.
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