Enforcement Directorate (ED) has arrested Biswapriya Giri, promoter and Director of URO Group of companies in a case related to Chit Fund companies. The agency has initiated an investigation under the Prevention of Money Laundering Act on the basis of an FIR registered by CBI, Ranchi in 2017 against Biswapriya Giri and others. The case was registered against them for cheating, criminal breach of trust, forgery, and criminal conspiracy.

ED investigation revealed that URO group collected more than 200 crore rupees from gullible investors with the promise of giving higher returns through a network of agents. Subsequently, it defaulted on repayment of the maturity amount and diverted the collected fund for personal gain and to various other beneficiaries.