Mahesh Motewar, Chairman of Hindi news channel Live India, has been arrested in Pune, Maharashtra, in relation to the illegal chit fund scam, according to media reports.
Motewar serves as the Chairman and MD of Samruddha Jeevan (previously known as Prosperity Agro). The company had acquired Live India from HDIL in 2012.
According to a report in The Indian Express, SEBI had filed a criminal case against Samruddha Jeevan Foods and its four directors for allegedly continuing to raise money despite being barred from doing so.
Media reports say that Motewar is wanted for allegedly embezzling people to the tune of Rs 80 lakhs of rupees and has been absconding for the past few weeks