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Odisha chit fund company head detained by police

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Reported by Santosh Jagdev
Bhubaneswar, Sep 21:

Commissionerate police today detained the Chief Managing Director (CMD) of a chit fund company Simple Life Beauty (SLB) on charges of cheating hundreds of investors in Odisha to the tune of Rs 10 crore.

Bairiganjan Das
Bairiganjan Das

Police said they detained Bairiganjan Das (40), CMD of SLB Group of Companies, after he was handed over by an investor, who caught him from the city earlier in the day.

Investors from across the state arrived here and visited the crime branch office to lodge a complaint against Das alleging he had swindled funds to the tune of several crores.

Das tried to pacify the investors by meeting them, but they took him to the police station.

Arun Kumar Panda, an investor, said that Das used to take money from them on the pretext of providing them high returns on various schemes he had floated through his chit fund company.

Das used to run several firms such as SLB Invest India limited, SLB Realcon Limited, SLB Venture India Limited, etc.

SLB Group of Companies had reportedly started its operations in 2009.

The group had its head office in Nayapalli area, and had its branch offices in several parts of the state including Baripada, Baleswar, Brahmapur, Bhadrak, Nayagarh, Gopalpur and Angul.

Several investors urged crime branch officials to arrest Das.

But sources said that Nayagarh police are on their way to Bhubaneswar to arrest Das, since a case against him has been registered over there.