Chit fund scam: Vibgyor Group owner remanded to judicial custody

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Bhubaneswar: Rana Bhadra, director and owner of chit fund firm Vibgyor Group of Companies, was on Saturday remanded to judicial custody for his alleged involvement in cheating, forgery and misappropriation of public funds.

Bhadra (35) was brought to Odisha from Kolkata and produced in the special designated chit fund court in Cuttack today on the strength of warrant issued by the court under the Odisha Protection of Interest of Depositors (in Financial Establishments) Act, 2011.

According to sources, Vibgyor Group of Companies of Kolkata had opened Branch offices in Balasore, Bhubaneswar, Raja Sunakhala and collected about Rs 20 crores from more than 1500 investors between 2009 and 2013.

The company offered various lucrative offers to people in different schemes of Vibgyor Allied Infrastructure Ltd, VIBGYOR Gold, VIBGYOR Allied Industries Ltd, Vibgyor Overseas Pvt Ltd and Vibgyor Constructions Pvt.

Accused Rana Bhadra was involved in at least seven cognizable cases in West Bengal and three other cases in Odisha. The accused neither returned the assured money nor the principal amount to the investors, closed its office at different places in Odisha during the last period of 2014 and made a vanishing act.

Later, a case was registered as per the order of Orissa High Court given following a petition in 2016 filed by Ramesh Chandra Sahoo and others in the matter of cheating, forgery and misappropriating the money of public by accused Rana Bhadra and others of Vibgyor Group of Companies.

Further investigation of the case is in progress.

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