Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar has arrested another Director of alleged Chit Fund company Purple Qualves Financial Services Pvt. Ltd. for duping approximately Rs 7 crores from 43 investors .
The accused Pallavi Mishra, the wife of Satyaranjan Hota of Banasingh under Sadar police limits of Dhenkanal district, was arrested yesterday and forwarded to the Court of Presiding Officer, OPID Court, Cuttack.
As per a case registered at Dhenkanal Town Police Station on March 11, Pallavi and Satyaranjan being the Directors of Purple Qualves Financial Services Pvt. Ltd. located at DLF Building, Patia, Bhubaneswar, prompted the complainant and his associates to invest money in their company for higher interests by investing the amount in share market for lucrative profit.
Believing in their version, 43 investors deposited/invested approximately 7 crores of rupees in the company through Bank transactions and by cash.
Initially, in order to build confidence amongst the investors, the accused Pallavi and her husband had made some initial payments as promised to some investors. But, subsequently, they failed to return the promised amounts despite repeated requests of the complainant and other investors, and misappropriated the amount approximately to the tune of Rs 7 crores, duping the investors of their hard-earned money.
It was further ascertained that Purple Qualves Financial Services Pvt. Ltd. is not authorised either by RBI or by SEBI to receive the public deposits and also to invest the money in the share market. Still then, the company has collected crores of rupees from different investors in the name of investing that in the share market.
When the investors demanded to return their invested money, the accused persons gave some cheques with a false signature which later on bounced at the bank due to a mismatch of signatures. When they asked the accused persons to return their money, the accused threatened them not to return their invested money and tried to flee away.
As such, the accused Directors have the intention from the beginning to cheat the investors, stated the EOW.
During the investigation, 23 agreement papers showing investment by the investors with the Director, Purple Qualves Financial Services Pvt. Ltd. containing the signature of Satyaranjan Hota and Pallavi Mishra have been seized.
Earlier, Director Satyaranjan has been arrested in this case and is still in judicial custody. The investigation of the case is continuing.
