Odisha: Chit fund firm director arrested in Rs 3 cr fraud

Bhubaneswar, Nov 25 (IANS) The Economic Offences Wing (EOW) of Odisha police has arrested Sudarsan Senapati, a chit fund company director, for duping investors money of around Rs 3 crore, police said here on Thursday.

Earlier, the chit fund company’s managing director Kedarnath Sahoo, director Suresh Chandra Sahoo and chief executive Subash Chandra Mohanty have been arrested in this case.

Senapati, one of the directors of chit fund firm Akash India Multi Complex Ltd., was arrested on Thursday on the basis of a written complaint filed by one Debendra Kumar Nayak, the EOW said in a statement.

During investigation, the police found that Akash India Multi Complex Ltd is incorporated with Registrar of Companies, Cuttack having its offices at various places of Odisha.

Senapati, along with the other accused, had collected approximately Rs 3 crore from the general public promising high return, during the year- 2011 to 2016, the EOW said.

Initially, the company had made some meager payment to the investors to win their trust but, subsequently, from the year 2013, stopped making any payment to the investors and closed down their offices. Later, the accused absconded from the locality, a police official said.

The movable and immovable assets created by the accused companies from out of the public deposits have been attached as per provisions made under Odisha Protection of Interests of Depositors (in financial establishment) Act, 2011.

–IANS

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