EOW Arrests Chit Fund Company Director In Rs 3 Crore Fraud Case

Bhubaneswar: The Economic Offences Wing (EOW) has arrested Sudarsan Senapati, one of the Directors of a chit fund company Akash India Multi Complex Ltd in connection with with a case of fraud.

Senapati has been booked under Sections 406/420/467/468/471/120-B of the IPC and Sections 4/5/6 of Prize Chits & Money Circulation Scheme (Banning) Act, 1978 & Sec. 6 of Odisha Protection of Interests of Depositors (in financial establishment) Act, 2011.

He was forwarded to the Designated Court under OPID Act, Cuttack on Thursday. The case pertains to a complaint filed by one Debendra Kumar Nayak who was allegedly duped after investing money in Akash India Multi Complex Ltd. represented through its MD Kedar Nath Sahoo and other Directors.

According to the EOW, a large number of investors have been allegedly cheated to the tune of crores in the pretext of high returns on their deposits under various schemes launched by the Company.

The company collected around Rs 3 crore during 2011 to 2016 from depositors. Earlier, Sahoo, a Director Suresh Chandra Sahoo and Chief Executive Subash Chandra Mohanty have been arrested in this case.

The movable and immovable assets created by the accused companies from out of the public deposits have been attached under section 3 of OPID Act, 2011, the EOW added.