Odisha Crime Branch arrest Ponzi firm MD from Nasik

Ayaskant Das Published On : Nov 14, 2015 at 1:53 PM Updated On : Nov 14, 2015 at 4:33 PM

Odisha Sun Times Bureau
Bhubaneswar, Nov 14:

Economic Offences Wing (EOW) of the Odisha Crime Branch arrested a top official of a Ponzi firm from Nasik, Maharashtra for allegedly duping investors of crores of rupees, official sources said today.

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The sleuths arrested the managing director (MD) of Tresty Securities Limited, Dayanidhi Mohapatra yesterday for allegedly duping gullible investors in Odisha of over Rs 10 crore.

The company is accused of defrauding depositors in Baleswar, Bhadrak, Soro and Betanati promising high returns on their invested amount.

The accused was arrested under section 120-B/406/467/468/471/420 of IPC r/w section 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and section 6 of OPID Act, 2011.

He was produced before the court of Chief Judicial Magistrate in Nasik and was being brought to Bhubaneswar on transit remand. He will be produced in a designated court in Cuttack later in the day.

A case was registered against the company on the report of one Prasanta Kumar Majhi from Basudevpur in Bhadrak district.

The complainant had alleged that Dayanidhi Mohapatra, Managing Director and other Directors of Tresty Securities Limited have collected crores of rupees from the investors of Odisha by assuring high rate of interest and closed down the offices without paying the interest as well as the principal amount.

Earlier in March this year, Securities and Exchange Board of India (SEBI), had passed an order against Tresty Securities Ltd directing it not to mobilize funds from investors and the company and its directors were prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further directions.

The Company, its past and present directors were also directed not to dispose off any of the properties or alienate the assets of the Company or dispose off any of their properties or alienate their assets and not to divert any funds raised from public at large through the issuance of the impugned securities, kept in its bank accounts and/or in the custody of the company without prior permission of SEBI, until further orders.

The company was engaged in fund mobilizing activity through issue of preference shares to more than 49 persons without complying with the provisions of the Companies Act, 1956, SEBI had said.

Several investors had registered complaints with the SEBI alleging non-payment of their invested money in redeemable preference shares issued by Tresty Securities Limited.