Birla, Ira firms director remanded to police custody
Source: Chronicle News Service

Imphal, May 07 2025: The court of Imphal East CJM has remanded Birla Emporiums Private Limited and Ira Finance Private Limited director Yumnam Meghachandra (67) - who was arrested in connection with a case registered by CID (CB) - to three days in police custody.

Meghachandra, a resident of Khurai Konsam Leikai near Popular High.

School, was arrested on May 6 around 5.30 pm as part of an investigation into a case registered by CID (CB) against M/S Birla Emporiums Private Limited and M/S Ira Finance Private Limited under various sections of Banning of Unregulated Deposited Scheme Act, 2019 .

He was produced before the CJM court on Wednesday, which remanded him to three days in police custody for further questioning.

As per the inquiry done by CID (CB), M/S Birla Emporiums Private Limited is registered with the Ministry of Corporate Affairs as company limited by shares under Companies Act, 2013' (18B 2013) .

Meghachandra and Yumnam Irabanta are registered as directors.

Acceding to the Memorandum of Association, M/S Birla Emporiums Private Limited is not involved in circulation of money for banking and business purposes.

However, it was found that the company had been collecting deposits from various investors and offering loans.

The company had collected around Rs 235 crore from investors and provided loans totalling around Rs 108 crore.

On top of this, both M/S Birla Emporiums Private Limited and M/S Ira Finance Private Limited had the same directors, namely Yumnam Meghachandra and Yumnam Irabanta and the functioning was interconnected.

The police sought remand of Meghachandra for further questioning related to the case, which the court endorsed.

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