A look out notice was issued on Saturday for Sudipto Sengupta, promoter of the chit fund-funded Saradha Group, and his property in West Beangal seized, police said. One director of the group company has been arrested.
"We have alerted all terminal points including airports and issued a look out notice for Sengupta so that he may not flee the country," said Arnab Ghosh, deputy commissioner Bidhannagar police commissionerate.
"We have seized the papers of all the properties of Sengupta and frozen his bank accounts. We have also arrested Manoj Kumar Nagel - a director of one of the group companies," added Ghosh.
The Saradha Group, which collected hundreds of crores of rupees from people in villages and small towns by promising huge returns, has allegedly shut shop after a series of allegations that it was defaulting on payment.
Over 1,000 agents of the Saradha Group Friday held a demonstration in front of Chief Minister Mamata Banerjee's house here, urging her to bail them out.
Many offices of the group were attacked across the state Saturday. There were incidents of clashes between the agents and the depositors.