West Bengal: One arrested in Bolpur for defrauding 150-plus people of Rs 30 crore

The accused, identified as one Shubhrayan Sil, is said to have defrauded more than 150 persons of a total sum of more than Rs 30 crore.

Bolpur: Amid the ongoing cattle smuggling case probe by central agencies, one person was arrested from Bolpur, in West Bengal's Birbhum district, on Friday for allegedly collecting funds to the tune of Rs 30 crore from more than 150 youths on the pretext of using the money in the share market.

The accused was identified as one Shubhrayan Sil, the head of 'SS Consultancy', the fraudulent organisation in question. Speaking about the matter, police officials noted that funds anywhere between Rs two lakh and Rs 2.5 crore were collected from each individual by Sil, who promised interest post-investment. Following a complaint by one of the victims, the arrest was carried out on Friday by personnel from the Bolpur Police Station.

Inquired about the allegations, however, Sil maintained that he intends to return the money. "I have incurred losses while investing in the share market, and possess all related documents. I intend to return the funds collected," the accused, when questioned by the media, said.

"He took money from us, promising to return it with interest. Hundreds of young men from Bolpur paid lakhs of rupees. Later the company officials fled without paying back the money. He looted approximately more than Rs 30 crore. We want the police to collect the money for us," Tousif Uddin, one of the investors, said.