Managing Director of company arrested from Kolkata in chit fund case

Kolkata/Cuttack: The Economic Offences Wing (EOW) of Crime Branch has arrested the Managing Director of a company from Kolkata on Monday  for his alleged involvement in a chit fund scam. The accused Jaydeep Raha, MD of Jetex Ocenair Pvt Ltd, was booked under Section 4, 4 and 6 of Proze Chits and Money Circulation Schemes (Banning) Act 1978 and Section 6 of OPID Act 2011. He was produced before the Additional Chief Judicial Magistrate, Alipore, South 24 Parganas and has been brought on transit remand to Odisha to be produced in the designated court under OPID Act in Cuttack.

Raha was arrested basing on the complaint of one Subash Chandra Pradhan of Balanga in Puri district. According to the complainant, Kolkata-basedchit fund company Ambitious Diversified Projects Management Ltd and OAK India Multistate Credit Co-operative Society representated through its Directors and members have illegally collected crores of rupees from investors in Odisha on the false assurance of high rate of interest. After getting the money, they reportedly closed down their office without paying either the principal or interest amount and fled the locality. Between 2010 and 2014, the company fraudently collected more than Rs 2.62 crore from as many as 1968 investors in Odisha,

During investigation, it came to the fore that of the above collected amount in 2011-12, a sum of about Rs 1.83 crore has been diverted to the account of OAK India Multistate Credit Co-operative Society of which Raha is the present MD. He was arrested after failing to give a satisfactory explanation with respect to receipt of such a huge amount.

Three cases have been registered against the chit fund company in West Bengal. Earlier the accused company’s MD Omkar Singh and other directors namely Kunal Tiwary, Arshad Hussain and Mringanka Sekhar Chakrabarty of Jetex Oceanair were arrested in the case.