Odisha chit fund scam: EOW arrest two for Rs 3 crore fraud

Bhubaneswar: The Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested two top executives of a dubious firm for allegedly duping investors of Rs 3 crore over promise of high returns.

The accused have been identified as Suresh Chandra Sahoo of Banamalipur in Cuttack district, Director of Akash India Multi Complex Ltd and Subash Chandra Mohanty of Kankadagadia in Cuttack district, Secretary and CEO of Akashdeep Multi-Purpose Cooperative Society Ltd.

The duo has been apprehended under Sections 406, 420, 467, 468, 471, 120-B of the IPC; Sections 4,5,6 of Prize Chits & Money Circulation Schemes (Banning) Act, 1978; and Section 6 of Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

One Debendra Kumar Nayak had lodged a complaint with the agency against Akash India Multi Complex Ltd for collecting public deposits amounting to Rs 3 crore with assurance of payment of high returns. Subsequently, the officials of aforementioned company closed the offices and absconded misappropriating the collected amount.

During investigation, it was revealed that the Managing Director, Director and officials of Akash India Multi Complex Ltd had collected the amount from thousands of people by forming Akashdeep Multi-Purpose Cooperative Society Ltd from 2006 to 2016, assuring them to provide high returns on various schemes.

The registered office of the company was located at Dumduma here with branches at Niali, Charichhak, Puri, Astaranga, Baungarigaon, Panikoili, Brahmagiri and Jagatsinghpur. After misappropriating the amount of gullible investors, they closed their offices and absconded.