CBI on Saturday arrested Shib Narayan Das, Director of Kolkata-based firm Saradha Realty, in connection with the multi-crore rupee chit fund scam.
CBI apprehended Das in Kolkata and seized a fully-loaded .38 calibre revolver from him.
Sources said it was Das who had allegedly suggested to the Chairman of Saradha group to start a chit fund company and lure investors to deposit in their schemes in 2008.
CBI sources said that after founding the Saradha group on July 8, 2008, Sen had appointed Das as the Director and shareholder.
According to sources, it was suggested by Das that while 30 per cent of the deposits would be retained by them, the rest could be returned to investors after 10-12 years at a decent interest.
CBI has so far registered four cases against Saradha group in West Bengal on the directions of the Supreme Court.