Woman arrested in Odisha capital for fraud

Sambad English Bureau Published On : Apr 3, 2015 at 5:37 PM Updated On : Apr 3, 2015 at 5:38 PM

Reported by Santosh Jagdev
Bhubaneswar, Apr 3:

Commissionerate police today arrested the head of a chit fund company from Khandagiri area for cheating investors after promising them high returns on their deposits in the capital city of Odisha and in Rayagada area.

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The accused was identified as Mamata Nayak, who was running a ponzi company named Forward Finance under Khandagiri police limits.

The police today arrested Mamata after acting on the complaint filed by many investors from the city as well as Rayagada.

Mamata had been collecting deposits from the investors by floating various schemes and had duped them of at least Rs 40 lakhs promising them to double the amounts on their deposits. The case was registered against her after she failed to return the deposited money and the interest.

She will be forwarded to a local court here today.

Mamata’s husband is a forest ranger posted in Nuapada district.