Chit fund: 15 people arrested in Odisha
Balasore: Fifteen people including the chief managing director of a chit fund company were arrested on Tuesday in Balasore district for duping investors through illegal money circulation, police said.
Among those arrested include CMD of Mid-East Group of Companies, Debesh Kumar Nayak, Vice-President Ratikant Tripathy and three founder members of the firm, Inspector In-Charge of Balasore town police station, Umesh Gadnaik said.
All the accused were produced before the sub-divisional judicial magistrate who sent them to jail for two weeks.
They were detained and interrogated since Monday after a cheque bounce complaint was lodged against them by a depositor.
One Radhakanta Das had lodged a complaint that after maturity of his deposit amount he was given a cheque of Rs 2.26 lakh which bounced, police said.
Meanwhile, the bail application of Prashant Das, CMD of Seashore Group, another chit fund company, was rejected by a court in Koraput.
Das was arrested from Mumbai a few days ago on charges of duping investors to the tune of Rs 50 crore in Semiliguda of Koraput district.
More from India
More from World
More from Sports
More from Entertaiment
- Defence Minister Manohar Parrikar stands in a queue at Pune wedding!
- India's second deadliest heatwave kills more than 2000 people
- Jamaat-e-Islami chief announces Rs 100 cr reward for PM Modi's arrest
- DNA: Captain Saurabh Kalia's torture at the hands of Pakistani Army
- DNA: Govt tests Maggi noodle samples from all states
- Check CHSE orrisharesults.nic.in, chseodisha.nic.in for Class 12 (Plus Two) Result 2015
- Will ask SC if India can pursue Captain Saurabh Kalia case against Pakistan in ICJ: Sushma Swaraj
- Salman, Aamir, Shah Rukh in a film together?
- Anti-minority remarks by Sangh Parivar leaders 'uncalled for': Narendra Modi