Home ODISHA LATEST Odisha cops arrest Bandhan chit fund firm chief for duping investors

Odisha cops arrest Bandhan chit fund firm chief for duping investors

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Cuttack: Debi Prasad Maharana, chief of  Bandhan Financial Services Pvt Ltd, a chit fund company, has been arrested on Sunday.

According to reports, Maharana – a resident of Chhatia area – was nabbed from Cuttack by a team of Balangir police on charges of duping investors worth over Rs 1 crore.

Earlier on June 05, two aides of Maharana and staff of the chit fund firm – Dilip Baral from Cuttack and Ajay Parida of Jajpur were arrested.

Notably, the Ponzi firm had formed 70 Self Help Groups (SHGs) and had collected around one lakh rupees from each group.

The company had floated various lucrative schemes and convinced the women to provide them loan at low interest rate.