The newly-formed Directorate of Economic Offences of the West Bengal government on Friday arrested the director of private financial company Equinox Infratech Ltd for defrauding its depositors by not giving assured returns

A Directorate source said  ", Prasanta Chakraborty the director of Equinox Infratech Ltd, was arrested by the DEO from Shalimar Hotel in Kolkata's Esplanade region on Friday afternoon," the officer said.

"Chakraborty, whose son was arrested earlier, was arrested as his company has been allegedly cheating its investors of an amount of Rs 150 crore," he said.

The Directorate, that exercises powers under West Bengal Protection of Interest of Depositors in Financial Establishment Act, 2013, is supposed to identify the properties of the company and take necessary steps to return the money to the investors.

In 2015, Equinox was directed by market regulator Sebi to cease mobilising any fresh funds as the organisation did not comply with the Companies Act, 1956 and SEBI Regulations, 2008.