Chit Fund Scam: Odisha Police arrests Safex Infra MD Firoz Khan

Admin   |   21 March, 2016   |   784   |   3980

Bhubaneswar: Odisha police on Sunday arrested Firoz Khan, managing director of Fraud Chit Fund Company Safex Infra India Pvt Ltd.

Saheed Nagar police arrested Khan from Bhubaneswar for cheating investors of over Rs 15 crore promising them of high returns. Police were on the lookout for Khan who was evading arrest for long 2 years.

According to the sources, Khan has been detained at the local police station and the cops are interrogating him.

Earlier, Following the complaint of the duped investerors the Economic Offence Wing (EOW) of the Odisha Crime Branch had arrested at least eight office bearers of the dubious company.

Economic Offences Wing (EOW) of the State Crime Branch (CB) also had sought permission of the Finance department for liquidation of the assets of Safex Infra India to facilitate refund of money to duped investors as per the provisions of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.

Following this, a local court in Cuttack last year gave orders to confiscate the properties of the Chit Fund Company, which include 15 acres of Gharabari land and bank deposits worth Rs 5 lakh.