The CBI on Wednesday arrested the former director of West Bengal-based private company Basil International Ltd in its ongoing investigation into a chit fund case.Dr. P.P.S. Sethi was arrested on charges of cheating, criminal conspiracy and criminal breach of trust and diversion of funds, said a Central Bureau of Investigation (CBI) officer. The officer said that Sethi was the founder director of Basil, an asset management company, which issued product scheme cards and preference share certificates against public collection without taking permission from the regulatory bodies. "The company had collected Rs.3,500 crore from the public," said the officer. A total of 246 cases have been registered by the CBI against 128 companies, including Basil International Limited, Saradha Group, Rose Valley, Unipay 2 U, Jeevan Suraksha, Prayag, Abyss Assam Group and Daffodils Group of Companies.