Kolkata businessman arrested in Saradha scam

Kolkata, June 24 (IANS) A businessman here was arrested by the Enforcement Directorate Tuesday for his involvement in the multi-billion rupees Saradha chit fund scam.

The businessman, who is into computer and computer components manufacturing and automobiles, is said to have taken a huge loan from the Saradha Group, but did not return the money.

He was nabbed under the Prevention of Money Laundering Act after thorough questioning, and would be presented in court Wednesday, sources said.

He is the tenth person to be arrested by the security agencies in connection with the scam.

The state police had earlier taken into custody six people including Saradha group head and alleged scam kinpin Sudipta Sen, and five other officials of the group. One of those arrested is Trinamool Congress Rajya Sabha member Kunal Ghosh, who headed the Group's media arm.

All six are now under the custody of the Central Bureau of Investigation, which is now probing the scandal.

The ED had earlier arrested Sen's son and wife.

The Saradha scam came to light in April 2013 after the group downed shutters without repaying lakhs of investors, who had parked their hard earned money in the group companies lured by the promise of astronomically high returns.