The CBI arrested Apurba Kumar Saha, the chairman and managing director of Pailan Group, on Tuesday in connection with a Rs 574-crore Ponzi scam case, officials said.
The CBI had registered a case against the group in 2017 for allegedly luring investors with promises of high returns on investments, they said.
The group allegedly failed to pay returns to the investors of its Ponzi scheme, the officials said.
The agency has arrested Saha from Kolkata, they added.
The CBI has alleged that Saha, in pursuance of a criminal conspiracy with other directors of the company, had illegally collected Rs 574 crore (approx.) from investors under various fraudulent schemes on assurance of paying high returns on such investments on maturity, an agency spokesperson said.
He fled after cheating the investors and allegedly misappropriated the money, he added.
Saha will be produced before the competent court in Bidhannagar (West Bengal) on Wednesday, the official said.