Ponzi firm director arrested from Odisha capital

Odisha Sun Times Bureau
Bhubaneswar, May 1:

Economic Offence Wing (EOW) of the Odisha Crime Branch today arrested Subash Srichandan, one of the directors of a Ponzi firm Ashirbad Multipurpose Cooperative Ltd, EOW sources said.

Subash Srichandan director Ashirbad Multipurpose


Srichandan was arrested by the EOW on charges of duping gullible investors of about Rs 10 crore promising them high rates of interest on their deposits, the sources added.

Srichandan will be forwarded to court later in the day.

Earlier in January this year, Chief Executive Officer (CEO) of Ashirbad Multipurpose Co-Operative Limited and Managing Director of its sister concerns Ashirbad Multi Trade Pvt. Ltd., Ashirbad Multitech & Infracon Ltd., Ashirbad Goat Rearing India Ltd., and Ashirbad Future Care Swetang Patnaik was arrested by the EOW from Keonjhar.

Based on a complaint by one Deepak Kumar Baral of Kantapada under Olatpur police station limits, a case was registered against the Ponzi firm.

Later, EOW took over the investigation following the orders of High Court. EOW registered a case under sections 420/406/120-B IPCR/w Sec. 6 of Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

Investigation revealed that Ashirbad Multipurpose Co-Operative Ltd had its corporate office at Paikanagar, Delta Chhak here. Swetang Patnaik and other Directors of the company had unauthorizedly collected public deposits to the tune of Rs 10 crore promising a high rate of interest.

However, the company shut down its office without repaying the investors or refunding the invested amount to the depositors.


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