Odisha Police arrest arrests two top officials of Flourish India for duping investors of Rs 100 crore

Bhubaneswar: The economic offences wing of crime branch on Wednesday arrested a former chairman-cum-managing director and the present managing director of Flourish India for duping investors of Rs 100 crore.Crime Branch arrested Flourish India’s managing director Ballav Prasad Nayak and former chairman-cum-managing director Prasanna Das from a hotel. 

It was alleged that the company cheated many investors by opening 132 centres in different districts across the State. On the basis of a case registered at the Barapalli police station in Bargarh district, the EOW arrested the duo. 

“From the preliminary inquiry, we got to know that the company allegedly duped the investors of over Rs 100 crore. We are investigating about the company’s investments and transactions,” said Crime Branch DIG Rajesh Kumar. 

The company was functioning across the State since 2005. Several properties including under-construction hotel at Mangalajodi in Puri, farm houses at Suanda in Puri district and Bhanjanagar in Ganjam district and a milk plant at Umerkote are owned by the company, added sources. The EOW is preparing to seize the property and freeze the bank accounts of the company, said the CB officials and added that an investigation was on to nab the other culprits involved in the case. 

Meanwhile, the investors staged a dharna in front of the EOW office here demanding immediate action against the company so that they could get their deposited money soon. The main office of the company used to function from Sishupalgarh on the outskirts of the city before it shut shop in January. Economic offences wing sources said Das had handed over charge to Nayak after he failed to return money to the investors. Odisha police has so far lodged more than 85 cases against fraud deposit collection companies whereas the economic offences wing has so far lodged 27 cases against 24 companies. - See more at: http://www.orissadiary.com/News.asp?id=42508#sthash.hwSiAa9l.dpuf