Odisha Sun Times Bureau
Bhubaneswar, Apr 27:
The Special Chief Judicial Magistrate Court in the Odisha capital today allowed the Central Bureau of Investigation Central Bureau of Investigation (CBI) to take arrested Mahesh Kishan Motewar, chairman and managing director of Pune-based Samruddh Jeevan Foods India Ltd on a five-day remand for interrogation.
The CBI had moved the court to take Motewar on a ten-day remand.
Motewar was arrested today in connection with a probe into the Rs 1,500 crore ponzi scam, CBI sources said.
Motewar was booked for cheating, criminal conspiracy and other charges under various sections of the Indian Penal Code and the Prize Chit and Money Circulation Scheme Banning Act, 1978.
According to CBI, the Samruddh group has 17 associate companies, including a TV channel and one multi-state cooperative society headquartered in Pune, and were illegally collecting money from the small investors.
Motewar allegedly collected over Rs 1,500 crore from middle-class people from Maharashtra and other neighbouring states, luring them with higher interest rates.
In December 2015, following complaints from various quarters, the CBI had searched 58 locations, including 45 in Maharashtra and residences of the CMD and directors.
Overall, the scam allegedly runs into over Rs 80,000 crore collected from more than six crore investors all over India promising them higher returns.
Motewar was earlier arrested by Maharashtra Police in connection with the same scam and the SEBI had barred the group from raising money from investors. (with IANS inputs)