OSCAR chit fund scam: EOW arrests absconding accused

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Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch has arrested an absconding accused in connection with multi-crore OSCAR chit fund scam.

Arrested Rabindra Prasad Swain (45) was the Director of M/s OSCAR Infradevelopment Ltd., one of the sister concern of OSCAR Group of Companies. He hails from Bhabarada in Palasara police limits of Ganjam.

According to EOW, a case was registered against OSCAR Group of Companies on the written complaint of Jagadish Rout of Ganjam. He had alleged that the dubious firm unauthorisedly collecting public deposits in various schemes in Odisha, Gujarat and Maharashtra with promise to pay high rates of interest.

Rout alleged that the firm cheated him and thousands of other depositors without paying interest or refunding their deposited amount and fled away by closing their offices.

The investigation revealed that during the period 2006-15, Pravash Chandra Rout, Chairman-cum-Managing Director of OSCAR Group of Companies along with other Directors including accused Rabindra Prasad Swain had collected more than Rs 130 crores in different schemes from Odisha, Gujarat and Maharashtra with the promise to give them high rate of interest than prevailing bank rate.

The investigation further revealed that after collecting public deposits they misappropriated the same without making payments to the depositors. They also diverted the amount to their different companies and ventures.

Thereafter, they closed down their office and absconded. OSCAR Group of Companies were collecting public deposits through their different companies namely M/s OSCAR Management Services Ltd., M/s OSCAR Infradevelopment Ltd., M/s OSCAR Co-operative Ltd, M/s OSCAR Real Estate Pvt. Ltd. and OSCAR Finance.

Accused Rabindra Prasad Swain was Director of M/s OSCAR Infradevelopment Ltd. He was also instrumental in inducing investors to invest money in the company along with Pravash Chandra Rout, Chairman. He was absconding since then.

Previously six accused persons including Pravash Chandra Rout, Chairman of OSCAR Group of Companies were arrested and forwarded to Court and all are still in jail custody except Tara Prasad Hota and Pravat Kumar Patnaik, who were released on bail as per the direction of Orissa High Court.

He is being forwarded to the OPID Court, Cuttack today. The investigation of the case is in progress.

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