Odisha Sun Times Bureau
Bhubaneswar, Mar 20:
Odisha police today arrested the managing director of Ponzi firm Safex Infra India Pvt Ltd from here.
Saheed Nagar police arrested Firoz Khan for duping investors of over Rs 15 crore promising them of high returns. Police were on the lookout for Khan who was evading arrest since long.
Initially, Khan was detained at the local police station and later he was handed over to a three-member team of CBI for further interrogation.
Earlier, CBI had registered a case (RC 15/s/14) against Firoz Khan (32) following which he has been arrested under section 120B, 420, 409 of IPC and 4, 5, 6 of Prize Chit and Money Circulation Scheme (Banning) Act 1978.
Besides Khan, the Economic Offence Wing (EOW) of the Odisha Crime Branch had earlier arrested at least eight office bearers of the dubious company.
Notably, Economic Offences Wing (EOW) of the State Crime Branch (CB) had sought permission of the Finance department for liquidation of the assets of Safex Infra India to facilitate refund of money to duped investors as per the provisions of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.
Following this, a designated court in Cuttack last year gave orders to confiscate the properties of the Ponzi firm, which include 15 acres of land and bank deposits worth Rs 5 lakh.
It may be mentioned that Safex India is among the 44 chit fund companies being probed by the SIT of CBI.