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MD of city-based chit fund company held

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OST Crime Bureau 

Bhubaneswar, Dec-11:

The Commissionerate Police on Wednesday detained former Managing Director of a city-based chit fund company Niranjan Pradhan on charges of duping investors.

Pradhan had been running his company, Capital Credit,  near Rabindra Mandap under the Kharavela Nagar Police limits here.

One of the investors Jayadev Mishra who had deposited Rs 3 lakh with Pradhan’s company in 2003 to get his money ‘doubled’,  lodged a complaint with the local police station today against Pradhan after the latter refused to return his money.

Acting on the Mishra’s complaint, police today detained Pradhan for interrogation.

The officer-in-charge of Kharavel Nagar police station Manoj Samant said they are trying to collect details about Pradhan’s company and ascertain facts with regard to the complaint.