Odisha chit fund scam: EOW nabs fleeing Vista CMD

Reported by Santosh Jagdev
Bhubaneswar, May 17:

The Economic Offences Wing (EOW) of Odisha Crime Branch (CB) here today arrested Deb Kumar Panda, the managing director of chit fund company M/s Vista Management Services Limited for duping investors in Odisha of at least Rs 50 crore, CB officials said.

Rajendra Patnaik, superintendent of police of EOW said Panda, who hails from Kalahandi, was arrested from the Bhubaneswar railway station while he was leaving for Vizag on Bhubaneswar-Tirupati Express to catch a flight to Singapore. The EOW also seized his passport, visa, air ticket, hotel booking receipt, he added.

Patnaik said Panda was arrested on the basis of a complaint lodged by investors of Western Odisha on April 23 this year.

Panda had started the Ponzi firm in 2008-2009 opening its corporate office at Cuttack Road here. He had allegedly duped investors of Rs 50 crore by floating various schemes promising heavy returns on the deposited money, informed the SP.

The accused will forwarded to a designated court in Cuttack. “We are verifying the possible involvement of other person in the case,” he added.

It may be recalled that Leader of Opposition in the Odisha Assembly Narasingha Mishra had dropped a bombshell dragging a minister from Kalahandi district and a former minister from Bolangir district (now a Member of Parliament) on their involvement with Vista company.

Waiving a photograph showing the two ruling party leaders in the company of a top official, Mishra had said it raiseed legitimate suspicion about their involvement with the company that is doing business in the area even now.

“A chit fund company named ‘Vista’ is till date defrauding people of their money. The photograph suggests the involvement of some politicians in that scam. A minister in office from Kalahandi district and a former minister from Balangir, who is currently an MP, are seen in the photograph. This leads to deep suspicion of their involvement in the scam. I demand an immediate probe against them,” Mishra had told the media at a press meet at Bolangir on April 11 this year.