EOW arrests chit fund firm director for duping people of over 2 crores
Cuttack: The Economic Offences Wing of Odisha Crime Branch arrested the director of a chit fund firm for allegedly duping investors to the tune of Rs 2.35 crore.
The accused, identified as Deepak Behera, is a director of M/s AM Fund Managers Ltd. He was arrested on Wednesday based on a warrant issued by the Presiding Officer, Designated Court Under OPID Act, Cuttack.
Earlier, a case was filed at Pattamundai police station by one, Keshab Behera, of Kendrapara alleging that Behera embezzled public funds on the pretext of providing a high rate of interest. The case was later handed over to the EOW.
According to the complaint, Behera along with his other associate collected a total of Rs 2,35,25000 from 253 investors by making false promises of providing a high rate of interest i.e. 36%. Later, he misappropriated the entire amount.
Despite repeated summons, Behera did not appear in the court, following which a warrant was issued by PO, OPID Court to arrest him.