Directorate of Enforcement (ED) has arrested Prabir Kumar Chanda and Pranab Kumar Das, Directors of M/s MPS Greenery Developers Limited on 24/08/2023 under the Prevention of Money Laundering Act, 2002 in connection with fraudulent Collective Investment Schemes.
ED initiated an investigation on the basis of multiple FIRs registered by West Bengal Police and CBI, SCB, Kolkata under various sections of IPC,1860 against M/s MPS Greenery Developers Limited and others.
ED investigation revealed that M/s MPS Greenery Developers Limited raised funds of around Rs. 2682 Crore during the period 1999-2000 to 2013-2014 from the investors through various fraudulent income schemes, by issuing Agro, Orchard and Teak bonds in violation of RBI & SEBI norms.
Public funds totalling Rs. 1786 Crore were improperly diverted by the company owned and run by Pramatha Nath Manna, Chairman-Managing Director, Prabir Kumar Chanda, Director, Pranab Kumar Das, Director, and other associates to the subsidiary/associate companies of M/s MPS Greenery Developers Limited and affiliated businesses. The money was finally taken out as cash, and transferred to other organisations, and houses were bought in the names of the directors and their families.
On August 25, 2023, Prabir Kumar Chanda and Pranab Kumar Das were brought before the Honourable Special PMLA Court in Kolkata. The Honourable Court has given ED custody for seven days till September 1, 2023. Earlier, the ED had filed one prosecution complaint, issued two provisional attachment orders, and attached properties worth a total of Rs. 14.59 crore. Further research is now being conducted.
