BHUBANESWAR: The Central Bureau of Investigation (CBI), which is investigating the multi-hundred crore ponzi scam, arrested chief of Samruddha Jeevan Foods India Ltd Mahesh Kishan Motewar here on Wednesday.
Motewar was produced before the court of Special CBI Judge who sent him on a five-day custody of the probe agency.
The ponzi firm chief has been booked under Sections 420,409,120 B of Indian Penal Code and Sections 4,5,6 of Prize Chit and Money Circulation Scheme Banning Act, 1978. His company is accused of collecting over `1,500 crore from depositors from different States, including Odisha, where he had 37 branches.
The group has 17 associate companies and a multi-State cooperative society. Earlier in December, the CBI had raided 58 places across the country in connection with the fraud.
Motewar, a high-profile businessman of Maharashtra, had invested in education, real estate, media, hospitality, food as well as IT. In Odisha, Smaruddha Jeevan Foods had collected deposits from people through three different schemes.
In fact, Angul Police had secured transit remand of Motewar after he was arrested by Osmanabad Police earlier in January following a two-year run. In 2013, Angul Police had registered a case against the company and arrested five employees. The first case against Samrudhha Jeevan was registered in July, 2011 at Bhanjanagar police station in Ganjam.
In September 2015, the Securities and Exchange Board of India (SEBI) had prohibited Samruddha Jeevan Foods and its directors, including Motewar, from collecting money from investors and launching and carrying out any collective investment schemes.