New Delhi, Dec 24 (IANS): The Central Bureau of Investigation (CBI) on Thursday said it has arrested the former Managing Directors of two companies in two separate cases related to ponzi schemes.

A CBI official said that in the first case, the agency arrested Awdhesh Singh, then Managing Director of Sun Plant Agro Ltd. The CBI has registered a case against Sun Plant Agro Ltd, its directors and others.

The official said that it was alleged that Singh in pursuance to a conspiracy with others had illegally collected Rs 697.72 crore from investors under various fraudulent schemes on assurance of paying high returns on such investments on maturity.

The accused fled and cheated the said investors and misappropriated the invested money.

The official said in the second case the agency arrested Dipankar De, then Managing Director of New Land Agro Industries Ltd for cheating investors to the tune of Rs 139 crore.

He said it was alleged that the Managing Director in pursuance to a conspiracy with other Directors of New Land Agro Industries Ltd had illegally collected Rs 139 crore from the investors under various fraudulent schemes.

De fled and cheated the investors and misappropriated the invested money.

The official said that both the arrested accused will be being produced before the competent court.