CBI arrests CMD, director of ponzi company

The CBI has arrested a CMD and a director of a company for duping investors of a Ponzi scheme to the tune of Rs 78 crore in West Bengal, officials said Tuesday. Ajay Chakraborty is the chairman-cum-managing director of Jugantor Realty and Jugantor Gold and Jewellery and Sanjit Chakraborty is its director, they said.

The company had allegedly collected Rs 78 crore illegally from investors fraudulently, CBI spokesperson Nitin Wakankar said. He said the accused closed the company and misappropriated the money invested.