Bhubaneswar: The managing director of a Kolkata-based firm has been arrested by the Odisha Police for allegedly duping investors in a ponzi scheme, a statement said Tuesday. Jaideep Raha was nabbed Monday from Kolkata on a complaint by Subash Chandra Pradhan, a resident of Puri district, the police said.
The statement also said that chit fund companies ‘Ambitious Diversified Projects Management’ and ‘OAK India Multistate Credit Co-operative Society’ had illegally collected money by assuring investors of a high rate of interest, according to the complaint.
Subsequently, the firms closed down the offices without paying the interest as well as the principal amount. From 2010 to 2014, the chit fund firm had illegally collected more than Rs 2.62 crore from 1,968 investors.
Investigation revealed that of the collected amount, around Rs 1.83 crore was diverted during 2011-12 to ‘Jetex Oceanair Pvt Ltd’, whose managing director is Raha at present, the statement issued by the Economic Offences Wing (EOW) of the Crime Branch said. The suspect could not give any satisfactory answers regarding receipt of such a huge amount, the EOW said.
Raha has been brought to Odisha on transit remand. There are cases lodged against the chit fund company in West Bengal as well, the EOW said. Earlier, four people were arrested in the case. An investigation is underway, it added.