Odisha chit fund scam: CBI arrests ex Microfinance MD

Sambad English Bureau Published On : Dec 14, 2014 at 10:00 PM Updated On : Dec 14, 2014 at 10:23 PM

Reported by Santosh Jagdev
Bhubaneswar, Dec 14:

The CBI on Sunday arrested Durga Prasad Mishra, former Managing Director (MD) of Microfinance Limited, one of the 44 companies being investigated by the central agency in the Odisha chit fund scam.

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Onlookers, many of them investors, crowded outside the residence of Managing Director of Microfinance Limited Durga Prasad Mishra in Bhubaneswar which was raided by CBI on Monday afternoon (Pic: Biswaranjan Mishra) — Onlookers, many of them investors, crowded outside the residence of Managing Director of Microfinance Limited Durga Prasad Mishra in Bhubaneswar which was raided by CBI on Monday afternoon
(Pic: Biswaranjan Mishra)

It is, however, not clear where he was arrested.

“In Odisha chit fund scam, Durga Prasad Mishra, Micro Finance Ltd. MD named in the FIR, has been apprehended by CBI today. He was absconding since March 2014. They have more than ten sister companies, including MBC TV channel. It has been alleged that they have collected more than Rs.500 crores from depositors,” a spokesperson for the CBI said in New Delhi.

The Economic Offences Wing (EOW) of the Crime Branch, which was probing the chit fund scam before the CBI took over the case on the orders of the Supreme Court, had earlier raided the offices of the company at various places.

The company had mobilised deposits from nearly five lakh investors under the various schemes it had launched.