Home STATE Odisha chit fund scam: Duped investor seek action against Vibgyor

Odisha chit fund scam: Duped investor seek action against Vibgyor


Reported by Santosh Jagdev
Bhubaneswar, May 5:

Hundreds of depositors and agents from Nayagarh and Khordha district today landed at Economic Offences Wing (EOW) of Odisha Crime Branch (CB) here asking for action against the head of a chit fund company ‘Vibgyor Group of Companies’ for duping investors in the state of Rs 14 crore.

vibgyor group

The depositors and agents lodged the complaint with the Superintendent of Police (SP) EOW against Managing Director of the company Pabitra Kumar Sahoo of Bolagada in Khordha district.

Prasanna Kumar Prusty, a depositor from Tangi in Khordha district said, “We have deposited money amounting to about Rs 14 crores under recurring deposit, monthly income scheme and fixed plan in the chit fund company, whose head office is in Suryanagar in Bhubaneswar. He opened the office in 2009 and started collecting money from gullible investors promising them high returns on their deposited money.”

Prusty alleged that agents, all educated youths, engaged by Pabitra repeatedly reminded them to deposit the money under the aforesaid schemes and plans on time while assuring investors of refund of the maturity value.

Though more than three years have already passed from the date of maturity in some cases, the company head is not paying any heed to return the matured amount, he said.

In April 2013, he closed the Suryanagar office and shifted it to Radharani Towers located opposite Iskcon temple in Nayapalli. Fearing the wrath of investors, Pabitra shut down all offices and stopped doing business from June 2014 and played hide and seek in returning the depositors’ money, added the depositor.

The head office of the chit fund company is at Vibgyor Tower, 87, Dr Suresh Sarkar Road in Kolkata in West Bengal.

In addition to this, some pre-maturity money also pending with them. “Now it is a great problem for us how to get our deposited money. We are in dire need of money. We have requested him time and again, but in vain,” said another depositor Susant Kumar Sahu of Nayagarh.

“With our money, Pabitra has purchased land, house, four-wheeler and gold ornaments,” he added.

“Today, we met SP Crime Branch and requested him to take stringent action against the culprit and ensure refund of money deposited in the chit fund company,” the depositors said.

Responding to the complaint, SP EOW of CB in his reply said the matter will be investigated.