The Telegraph
Saturday , August 9 , 2014
CIMA Gallary

Funds firm owner arrested

Jalpaiguri, Aug. 8: The owner of a fund mobilising company who went into hiding after collecting over Rs 3.50 crore has been caught by depositors and agents who handed him over to police.

Mahabul Islam, the chairman of Genesis Infra India Limited, was spotted at Paharpur More in Jalpaiguri yesterday by some agents and depositors. They called up Kotwali police who took him into custody. Today, Islam was remanded in police custody for five days by a court here.

The firm had started operations in 2012 with over 100 agents in and around Jalpaiguri. “After the Saradha scam came to light, he closed down the office and stopped making payments. He soon went into hiding,” said Heramba Karjee, an agent of the company.

3 held for scam

Archana Sarkar, 53, the owner of a Cooch Behar-based fund mobilising company, Royal International, her assistant Nilima Sarkar, 43, and driver Subho Das, 35, were arrested from Machogram in East Midnapore’s Panskura on Friday. The company is accused of cheating depositors.