Company director held in Odisha chit fund scam

Bhubaneswar: Police arrested the director of a private fund management company in Odisha in connection with a multi-crore-rupee chit fund scam on Thursday, an official said.Rajesh Kumar Sahu, the 40-year-old director of Innovatives Fund Management Ltd., was arrested here in the state capital following complaints that his company received deposits from investors assuring them high returns but did not keep its promises.

Odisha Police arrests Flourish India director Aditya Kumar Bisoi

Bhubaneswar: Flourish India director Aditya Kumar Bisoi arrested by Economic Offence Wing (EOW) of Crime Branch on charges of duping investors Odisha. Bisoi was arrested by a team of the EOW last night after several complaints were lodged against the chit fund company at Barapali police station of Bargarh district. 

Odisha Government decided to set up four designated court to hear Chit Fund case

Odisha Government decided to set up four designated courts where chit fund cases will be tried. The government has already framed rules as per the law and taken decision to establish four designated courts at Bhubaneswar, Balasore, Sambalpur and Berhampur.
The Odisha Protection of Interests of Depositors (in Financial Establishment) -2011 Act, which received the assent of the President of India on August 13, this year, empowers the state government to initiate punitive action against the offenders.

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. 

Seashore Group into Diamond Trade - EOW

BHUBANESWAR: The Eco­nomic Offences Wing, which is investigating the financial fraud by Seashore Group, has found that the company was also into diamond busi­ness. Seashore chief Prashant Dash, who was arrested from Mumbai last month, fre­quented the Western Indian States in connection with its diamond business too. He had visited Surat apart from operating out of Mumbai.

1,000 Silver Coins of Seashore Seized

In a significant haul, the Economic Offences Wing (EOW) seized a quintal of silver, in form of coins, belonging to Seashore Group from a private bank’s locker here on Saturday.Following disclosures made by company’s chief Prashant Dash during the recent interrogations, the EOW traced the locker to the private bank’s Cuttack Road branch. It was broken open by the sleuths on Saturday evening and 1,000 coins, each weighing 100 grams, were found. The company’s name was engraved on the coins. The current value of the seizure is estimated at about `45 lakh.

Odisha Congress to help chit-fund victims

The Odisha unit of the Congress Friday said it would provide free legal help to people who have been cheated by chit-fund operators.State Congress president Jayadeb Jena said an estimated 20 lakh people in Odisha have invested their hard-earned money in schemes run by various non-banking financial institutions (NBFI) in the state but did not get back the money which was promised to them.

Cong flays Naveen for mining, chit fund scams

The Congress party on Thursday launched a scathing attack on the Biju Janata Dal (BJD) supremo and Odisha chief minister Naveen Patnaik for various malaises afflicting the state.
"He has failed as a chief minister. Just having a good image is not enough. There are serious allegations against his government and ministers," said the AICC (All India Congress Committee) general secretary in-charge of Odisha, B K Hariprasad.

Chit Fund Scam: 15 Arrested in Odisha

Fifteen people including the chief managing director of a chit fund company were arrested today in Balasore district for duping investors through illegal money circulation, police said.
Among those arrested include CMD of Mid-East Group of Companies, Debesh Kumar Nayak, Vice-President Ratikant Tripathy and three founder members of the firm, Inspector In-Charge of Balasore town police station, Umesh Gadnaik said.
All the accused were produced before the sub-divisional judicial magistrate who sent them to jail for two weeks.

PAC seeks white paper on chit fund scam

The Public Account Committee (PAC) of the Odisha assembly on Thursday directed the Registrar of Cooperative Societies (RoC) to prepare a white paper within a month on the involvement of cooperative societies in the chit fund scam.
The assembly committee, headed by the opposition leader, Bhupinder Singh, also asked the registrar to submit an interim report in this regard in a week.
The committee stated that there are 23 multi-state cooperative societies operating in the state registered under the Central cooperative societies act.

Ex-CM Giridhar Gamang wants probe into 'mega' chit fund scam

BHUBANESWAR: Former Congress chief minister Giridhar Gamang and former speaker Sarat Kar on Friday demanded that the chit fund scam be probed by Serious Fraud Investigation Office (SFIO)."We submitted a memorandum to Governor S C Jamir on Thursday evening and urged him to hand over the multi-crore chit funds scam in Odisha to the SFIO," Kar told mediapersons here. "The recent judicial probe ordered by chief minister Naveen Patnaik is an eyewash," he said.

Odisha orders judicial probe into chit fund scam

Bhubaneswar: The Odisha government on Thursday ordered a judicial probe into an alleged chit fund scam in the state, an official said. 
A commission of inquiry will be set up to probe the alleged fraud committed by various chit fund companies, including the Kolkata-based Saradha Group that went bust last month, the official said. The group was running a ponzi scheme, and is estimated to have duped over 10 lakh people. The loss from that scam is estimated at around Rs 1,000 crore.