Home CRIME Odisha software company head arrested for Vista link

Odisha software company head arrested for Vista link

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Reported by Santosh Jagdev
Bhubaneswar, Jun 3:

The Economic Offences Wing (EOW) of the Odisha Crime Branch today arrested Birendra Khandelwal, owner of E Square Systems and Technologies Pvt Ltd, a software technology company, for his alleged complicity with Vista Management Services Ltd, a chit fund company, which has reportedly duped money to the tune of Rs 50 crore from investors in the state.

Pic courtesy:www. supportbiz.com
Pic courtesy:www. supportbiz.com

Superintendent of Police (SP) of EOW of CB Rajendra Patnaik said Birendra was arrested from Bhubaneswar. He will be produced before a designated court in Cuttack tomorrow.

During their investigation, EOW officials have found that Khandelwal had received Rs 50 lakh from Vista in 2011 that had opened his office at Saheed Nagar area here.

“During the probe into Vista’s banking transactions, the EOW found that the chit fund company’s CMD Dev Kumar Panda had transferred Rs 50 lakh to the account of Khandelwal in three phases in 2011,” informed the EOW SP.

“While probing the case, our officials had interrogated Khandelwal about the money transactions and asked him to explain the dubious transactions. But he failed to give a satisfactory reply, which indicated his complicity in the scam. Since he did not return the money to Vista, he is liable to face action for misappropriating public deposits,” he said.

EOW sources said Khandelwal had taken the money from Panda to supply computer appliances and furniture, but did not supply any materials to the chit fund CMD.

“Why Panda paid such a huge amount to Khandelwal for supply of computers is yet to be ascertained,” said EOW SP.

The EOW has so far arrested five persons, including company CMD Panda, group director Bijay Swain, director Manoj Patnaik and Chartered accountant Deba Prasad Mishra in connection with the Vista scam.

The Ponzi firm had allegedly duped investors of Rs 50 crore by floating various schemes promising hefty returns on the deposited money.