Home CRIME Odisha chit fund scam: Vibgyor MD arrested

Odisha chit fund scam: Vibgyor MD arrested


Reported by Santosh Jagdev
Bhubaneswar, Jul 1:

Commissionerate Police today arrested the managing director of chit fund firm Vibgyor Group of Companies  Pabitra Kumar Sahoo for allegedly duping gullible investors of Rs 14 crore.

vibgyor group

Acting on a tipoff, officials of Capital Police Station conducted a raid at a house in Banpur of Khordha district and arrested Sahoo under sections 420, 120(B) of IPC and Sections 4, 5 and 6 of Prize Chit and Money Circulation Scheme (Banning) Act 1978 and Section 6 of the Odisha Protection of Interest of Depositors Act.

Sahoo, a resident of Bolagada in Khordha district, was held for cheating and criminal conspiracy, police sources said.

Notably, Sahoo had opened the company’s office at Suryanagar in the capital city in 2009 and allegedly collected around Rs 14 crore from the investors through various schemes like recurring deposit, monthly income scheme and fixed plans.

The company, with its headquarters at Vibgyor Tower, 87, Dr Suresh Sarkar Road in Kolkata in West Bengal, had failed to return the money of the investors though it had promised them to give hefty returns earlier.

On May 5 this year, hundreds of depositors and agents from Nayagarh and Khordha district had staged a dharna in front of the Economic Offences Wing (EOW) of the State Crime Branch here urging it for action against the head of the chit fund company.