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Kolkata: CBI has arrested two Kolkata-based entrepreneurs for alleged bank fraud to the tune of Rs 515-crore.

Kaustav Ray and Shivaji Panja of RP Infosystem were arrested this evening at CBI’s regional office at CGO Complex in Salt Lake, where they were summoned by the agency earlier in the afternoon.

Both Ray and Panja were once close to Mamata Banerjee. Ray had partially designed the 2011 election campaign for Trinamool. Panja had accompanied Banerjee during her visit to Bangladesh as Chief Minister in 2015.

Their arrest comes in the wake of a letter that Canara Bank Kolkata circle sent to the CBI this February accusing RP Infosystem led by them of having secured Rs 515-crore loan on forged documents between 2010 and 13 and not repaying the same.

Apart from Canara Bank, this loan they secured from 11 nationalised banks that include Bank of Baroda, SBI, Federal Bank, Oriental Bank of Commerce, Central Bank, Allahabad Bank, and Union Bank.

They allegedly submitted forged property documents and forged documents pertaining to bulk supply order for computers to secure the loans. RP Infosystem is the manufacturer of low-cost Chirag Computers that captured the market in eastern India around 2010.

Shivaji Panja was earlier arrested by Delhi Police in 2015 for not repaying Rs 18-crore loan to a finance body (Central PSU). This had happened soon after he arrived in Kolkata from Bangladesh trip with Mamata Banerjee.

CBI sources said that Ray and Panja will be produced in a city court tomorrow and the agency has plans to take them on remand. CBI wants to find out the money trail of the loan that they had secured.