06 December 2018
Bhubaneswar: The Economic Offences Wing of Odisha Crime Branch arrested the managing director of a Ponzi firm in connection with a chit fund scam here today.
The arrested accused has been identified as Deepak Behera of Chhatradharipatna in Kendrapada. Behera, the Director of M/s AM Fund Managers Ltd, was arrested today on the strength of warrant issued by the Presiding Officer of designated court under Odisha Protection of Interest of Depositors (in financial establishments) Act, Cuttack.
A case was initially registered at Pattamundai on the written report of Keshaba Behera of Kendrapara. Subsequently, EOW took charge of investigation and a case against Behera was registered under Prize Chits and Money Circulation Schemes (Banning) Act, 1978.
During investigation it was revealed that accused Deepak Behera, director of M/s AM Fund Managers along with others had collected public deposits unauthorisedly to the tune Rs 2,35,25,000 on false promises of providing high rate of interest of 36% from 253 investors and had misappropriated the same.
Despite repeated summons, the accused Deepak Behera did not appear at the OPID court, following which a warrant was issued by to effect his arrest.