Home / Politics / Policy /  CBI makes arrest in Saradha case

New Delhi: The Central Bureau of Investigation (CBI) on Sunday arrested Jyotiprakash Joyprakash, one of the two founder directors of the Artha Tatwa Group, in connection with the multi-crore Saradha chit fund scam. He was arrested from Bhubaneswar, a CBI spokesperson said.

On 16 August, the agency had raided the premises of the Artha Tatwa Group, a chit fund.

The now-defunct Saradha Group was one of eastern India’s biggest deposit-taking firms, which went bust in April last year after it defaulted on repayments to depositors. The firm allegedly caused an estimated loss of more than 2,000 crore to 1.7 million small investors, according to a commission set up under the chairmanship of former Allahabad high court chief justice Shyamal Kumar Sen.

On Saturday, the CBI had arrested Sandhir Agrawal, the son of businessman Sajjan Agrawal in the case. The father and son promote the Orion Group. Saradha Group chief Sudipta Sen had alleged in his confession letter that the father-son duo had taken 40 crore from him to help keep regulatory agencies, including the Securities and Exchange Board of India, at bay.

The CBI on Wednesday had arrested Debabrata Sarkar, an official of the East Bengal Football Club, in connection with the scam. Sarkar was accused of misappropriation of funds of the Saradha group.

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