Kolkata
The Enforcement Directorate (ED) has taken Biswapriya Giri, the owner-director of URO Group, into custody for charges of money laundering. URO Group is accused of defrauding investors through multi-level marketing schemes, causing losses of approximately Rs 1,500 crore. This isn’t the first time Giri has faced legal action. In February 2015, following the revelation of chit fund scams in West Bengal, he was arrested by the Bidhannagar City Police on similar charges. ED officials had summoned Giri for questioning at their Salt Lake office in Kolkata and conducted extensive interrogations. Following this, Giri was arrested on Monday morning. He is expected to be presented before a special court under the Prevention of Money Laundering Act (PMLA) in Kolkata, where the ED will seek his custody for further investigation. The URO Group has been accused of amassing funds from ordinary investors through various multi-level marketing schemes that promised high returns over a specific period. However, the promised returns were never realized, leading to substantial financial losses for investors. The case highlights the complexity of financial fraud and the measures taken by enforcement agencies to address such issues.
