Kolkata-based businessman arrested in Saradha scam

The owner of an automobile company was arrested by the Enforcement Directorate here today in connection with the alleged Saradha chitfund scam.

Here's all you need to know about prevention of money-laundering act

The Kolkata-based businessman allegedly took over Rs 50 crore as loan from the Saradha group but never returned to the company, ED sources said.

The businessman, who was arrested under the Prevention of Money Laundering Act, is also accused of defaulting loans of several banks.

The businessman was the third person arrested by the ED under the PMLA. The other two were wife and son of the Saradha chitfund scam alleged kingpin Sudipta Sen.

The Saradha scam has grabbed headlines as a number of high-profile people, including politicians and sitting MPs, are under the scanner of various probe agencies in this case.

Thousands of investors were allegedly duped of their hard-earned money in various states including West Bengal, Odisha and Assam in the alleged scam.