Odisha Sun Times Bureau
Bhubaneswar, Jan 3:
Economic Offences Wing (EOW) of Odisha Crime Branch today arrested a top official of a chit fund company for allegedly duping people of over Rs 10 crore promising them of high return on their investment.
The accused identified as Swetang Patnaik, a native of Tangi in Khurda district, was the Chief Executive Officer (CEO) of Ashirbad Multipurpose Co-Operative Limited and Managing Director of its sister concerns Ashirbad Multi Trade Pvt. Ltd., Ashirbad Multitech & Infracon Ltd., Ashirbad Goat Rearing India Ltd., and Ashirbad Future Care.
Based on a complaint by one Deepak Kumar Baral of Kantapada under Olatpur police staion limits, a case was registered against Patnaik.
Later, EOW took over the investigation following the orders of High Court. EOW registered a case under sections 420/406/120-B IPC, R/w Sec. 6 of Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.
Investigation revealed that Ashirbad Multipurpose Co-Operative Ltd had its corporate office at Paikanagar, Delta Chhak here. Swetang Patnaik and other Directors of the company had unauthorizedly collected public deposits to the tune of Rs.10 crore promising high rate of interest.
However, the company shut down its office without repaying the investors or refunding the invested amount to the depositors.
The accused was today arrested from Keonjhar and was forwarded to the designated court in Cuttack.