Ashirbad CEO held for conning investors

Admin   |   04 January, 2016   |   788   |   3980

Bhubaneswar: The Economic Offences Wing (EOW) of Orissa Crime Branch Sunday arrested the chief executive officer (CEO) of Ashirbad Multipurpose Cooperative Ltd, Swetang Patnaik, from Keonjhar for allegedly swindling funds to the tune of Rs 10 crore.

EOW officials said Patnaik was also the managing director of Ashirbad Multi Trade Private Limited, Ashirbad Multitech & Infracon Limited, Ashirbad Goat Rearing India Limited and Ashirbad Future Care, all sister concerns of Ashirbad Multipurpose Cooperative Ltd. After his arrest, Patnaik forwarded to a designated court in Cuttack later in the day.

“A case was initially registered at Olatpur police station in Cuttack district in this regard on the basis of a complaint lodged by one Deepak Kumar Baral of Adaspur. As per the order of Orissa High Court, EOW took up the investigation and registered a fresh case (23/15) under Sections 420, 406 and 120-B of IPC, read with Section 6 of Orissa Protection of Interests of Depositors (In Financial Establishments) Act, 2011,” said EOW SP Rajendra Patnaik.

“The firm had its corporate office in Delta Square here. Patnaik and other directors of the company have swindled funds to the tune of several crores by conning investors on the pretext of providing them higher returns on their deposited amount,” he added.

Sources said Patnaik was absconding since 2014 and had been hiding in different parts of the state. “Earlier, one of the directors of the firm was arrested in connection with the case. However, at least five more officials of Ashirbad Multipurpose are still at large,” said EOW officials.