EOW Arrests Chit Fund Firm CEO

Admin   |   04 January, 2016   |   710   |   3980

BHUBANESWAR: The Economic Offences Wing of the Crime Branch on Sunday arrested the CEO of chit fund firm Ashirbad Multipurpose Cooperative Ltd, Swetang Patnaik, on charges of duping investors to the tune of `10 crore.

Patnaik, who was on the run since June 2014, was apprehended in Keonjhar and brought to the Capital City. Later, he was produced in a designated court at Cuttack which remanded him in judicial custody.

EOW took up the case of Ashirbad Multipurpose on the direction of Orissa High Court in November, 2015. Earlier, Olatpur police under Cuttack Sadar was probing the case.

Managing Director of the firm Rashmi Paikray was arrested by Olatpur police in April, 2015. The chit fund company was started by Paikray and Patnaik with 34 employees.

The company lured people with lucrative schemes and collected around `10 crore from 3000 investors across the State.