Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested one Pratap Kumar Biswal from New Garia in Kolkata on Sunday on charges of duping depositors of around Rs 15 crore through his chit fund firm on the pretext of high returns.
Following his arrest, he was produced before the Additional Chief Judicial Magistrate in Kolkata yesterday. The court allowed the EOW to take the accused on transit remand, on the strength of which, Pratap was produced before Ld Designated Court under OPID Act, Balasore on Monday.
On August 30, 2019, a case under Sections 406, 420, 467,468, 471 and 120-B of IPC r.w Section 6 of OPID Act, 2011 was registered against Pratap, the CMD of Mass Infra Reality Ltd and Human Welfare Credit & Thrift Co-operative Society Ltd. Complainant Sukadev Hota of Soro in Balasore. A case was also lodged in the case against six directors of the company in this connection.
During investigation, it was revealed that M/s Mass Infra Reality Ltd was registered with ROC, Kolkata in September, 2010 under the Companies Act, 1956. In 2012, it changed to Human Welfare Credit & Thrift Co-operative Society Ltd registered under Multistate Cooperative Societies Act, 2012 having its registered office in Laxmi Nagar, New Delhi.
Pratap and six other directors of the company had unauthorisedly collected huge amount of money from investors by assuring them of high rate of interest on their deposits and later absconded after closing their offices.
Further investigation of the case is underway, said the EOW.