Two arrested for duping investors in city

Reported by Santosh Jagdev

Bhubaneswar, Jan 16:

Commissionerate Police today arrested two executives of a chit fund company ‘ICOR E-services’ for duping investors.

The accused identified as Sanjay Kumar Das (38) and Suresh Chandra Barik (47) were arrested and forwarded both to the court today .

Khandagiri police sources said, the two accused had opened an office of the chit fund company ‘ICOR E-services’ in the Baramunda Housing Board Colony here and collected crores of rupees by promising the investors of huge returns on their deposits.

The head office of this chit fund company was in Kolkata, police said, adding, the matter came to light when Ajay Kumar Sahu of Bhingarpur village under Balianta police station along with 50 more complainants lodged an FIR with Khandagiri police station here.

Police further said the company was offering 11.5%  interest on the deposited amount.

Sahu said the company had taken money from investors on the basis of assurances that they will receive Rs 20,000if they go for a fixed deposit of Rs 10,000 for 5 years.

The investors were also told that fixed deposits of Rs 10,000 for a period of 12 years would fetch them Rs 1 lakh on maturity, Sahu added.

Meanwhile police had sealed the office of the chit fund company and are investigating into the exact amount of the fraud and checking bank accounts of the company for more leads.