Odisha chit fund scam: EOW arrests ‘Sai Pragati’ director

Sambad English Bureau Published On : Oct 25, 2014 at 7:02 PM

Odisha Sun Times Bureau
Bhubaneswar, Oct 25:

The Economic Offence Wing (EOW) of the Odisha Crime Branch today arrested Udaya Kumar Dalei, director of Sai Pragati Group, a chit fund company, from his native village of Parjang in Dhenkanal district, EOW sources informed.

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Dalei was absconding since quite some time.

Sai Pragati had defrauded hundreds of depositors of several crores of rupees by floating attractive schemes with offers of lucrative returns on deposits.

The Crime Branch had investigated the matter after depositors lodged a complaint with the Capital police station here and had seized cash worth around Rs 2.77 crore.

The EOW had earlier arrested managing director of the company Debasish Mohanty and another director Ravishankar Nanda. Both are now out on bail.

Some other directors of the company arrested by EOW have also been granted conditional bail by the Odisha High Court.