Ponzi Scam: Sai Pragati Group Director Arrested

  |   27 October, 2014   |   405   |   3980

BHUBANESWAR: The Economic Offences Wing (EOW) of the Crime Branch has arrested Udaya Kumar Dalei, director of Sai Pragati Group, a non-banking financial company (NBFC), from his native village Parjang in Dhenkanal district. Dalei was absconding since quite some time.



Sai Pragati had defrauded hundreds of depositors of several crores of rupees by floating attractive schemes with offers of lucrative returns on deposits.



The Crime Branch had investigated the matter after depositors lodged a complaint with the Capital police station here in March, 2012 and had seized Rs 2.77 crore cash.



The EOW had earlier arrested managing director of the company, Debasish Mohanty, and another director Ravishankar Nanda. Both are out on bail.