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Intensifying its crackdown on chit fund fraudsters, the Economic Offences Wing (EOW) of Odisha arrested one of the directors of Akash India Multi Complex Limited for alleged involvement in defrauding the investors to the tune of Rs 3 crore.
The fugitive economic offender Sudarsan Senapati arrested under relevant sections of Indian Penal Code, Prize Chits & Money Circulation Scheme (Banning) Act, 1978 & Sec. 6 of Odisha Protection of Interests of Depositors (in financial establishment) Act, 2011 was later produced before the Odisha Protection of Interests of Depositors (OPID) Court in Cuttack.
The accused Senapati conniving with other personnel of the bogus money circulation company had duped several investors from 2011 to 2016 on the pretext of returning a high rate of interest on their deposits under various schemes launched by the company.
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The bogus company, registered with Registrar of Companies, had collected crores of rupees from unsuspecting and gullible depositors across Odisha. It had spread its network in places like Dumuduma, Khandagiri in Bhubaneswar and Niali, Charichhak, Puri, Astaranga, Baungarigaon, Panikoili, Bramhagiri and Jagatsinghpur.
Initially, the company had made meagre payments to the investors to win their trust. The glib-talking management and agents of the fraud agency later shut its operation, taking the depositors for a ride.
Earlier the agency’s Managing Director- Kedarnath Sahu, Director- Suresh Chandra Sahoo and Chief Executive -Subash Chandra Mohanty were arrested in this connection
The movable and immovable assets accrued by the company out of the public deposits have been attached under section 3 of OPID Act, 2011.
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