Rs 3 crore fraud: EOW arrests director, CEO of chit fund firms

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Bhubaneswar: The Economic offences Wing (EOW) of the Crime Branch on Friday arrested the director and CEO of two chit fund companies duping people to the tune of Rs 3 crore.

The accused duo was identified as Suresh Chandra Sahoo, Director of Akash India Multi Complex Ltd. and Subash Chandra Mohanty,  Secretary and CEO of Akashdeep Multi-Purpose Cooperative Society Ltd.

They were forwarded to the special designated chit fund court in Cuttack.

A case was registered on the report of Debendra Kumar Nayak against Akash India Multi Complex Ltd. for collecting public deposits amounting to Rs 3 crores with the assurance of payment of high returns. After collecting the money, the officials of the dubious company closed the offices and absconded misappropriating the collected amount.

During the investigation, it was revealed that the Managing Director of the firm had collected Rs 3 crores from about thousands of gullible people through his company and forming a society named Akashdeep Multi-Purpose Cooperative Society Ltd. between 2006 and June 2016.

The registered office of the company was located in Dumduma in Khandagiri of Bhubaneswar and they had opened their branches at Niali, Charichhak, Puri, Astaranga, Baungarigaon, Panikoili, Bramhagiri and Jagatsinghpur.

After misappropriating the money of gullible investors, they closed their offices and absconded.

In this case, accused Kedarnath Sahu, Managing Director of Akash India Multi Complex Ltd. and President of Akashdeep Multi-Purpose Cooperative Society were earlier was arrested on May 6, 2017, and forwarded to court.

An interim proposal for attaching the landed properties measuring an area of 7.72 acres and bank balance traced during the investigation has been submitted to the finance department. Further investigation is underway, the EOW said in a release.

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