Home CRIME Odisha chit fund scam: AB Realtech chief arrested

Odisha chit fund scam: AB Realtech chief arrested


Reported by Santosh Jagdev
Bhubaneswar, June 20:


The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested the director of a chit fund company M/s AB Real Tech Services Limited D Keshavananda Patra from Vishakapatnam.

dk patra

Patra, who hails from Badabazar area in Berhampur in Ganjam district, was arrested late yesterday night in an EOW case (3/2014).

The accused was forwarded to a designated court in Cuttack today. The state investigating agency had slapped charges under sections 120 (B), 406, 467, 468, 471, 420 of IPC r/w section 4,5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and section 6 of OPID Act, 2011 against him.

Briefing newsmen here, Crime Branch ADG BK Sharma said acting on a complaint lodged by Kishore Kumar Nayak of Bhubaneswar, EOW registered a case on January 29 last year and investigated into it.

In his complaint, Nayak had alleged that Patra and other directors of the company have collected crores of rupees from the investors of Odisha by assuring payment of high rates of interest on deposits. But they later closed down the offices of the company without paying  either the interest or the principal amount.

“During investigation, it was revealed that Patra and other directors have unauthorisedly collected about Rs 5 crore from the investors with allurement of high rates of interest. The company cheated the investors and misappropriated the invested amount. Investigation is on to nab the other directors involved in the case,” the Crime Branch ADG said.