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NBFC official arrested for cheating depositors in Odisha

Last Updated: Wednesday, May 22, 2013 - 12:45

Berhampur: The managing director of a non-banking financial company (NBFC) has been arrested on charges of cheating depositors in Khallikote area of Odisha`s Ganjam district, police said on Wednesday.

"Women agents of Ganjam-based Abhash India had lodged a complaint against its MD, Niranjan Polai, following which he was arrested yesterday," said Inspector In-Charge of Khallikote police station, Sisir Mishra.

Women agents had made a plan to get Polai arrested as he was on the run following police raids on chit fund companies across the state, police said.

Around 30 of them had sought an appointment with Polai to hand over the deposits and as soon as he reached the office, they gheraoed him and informed police, they said.
The NBFC had allegedly collected lakhs of rupees from rural investors promising them high returns. The amount collected by the firm, mode of collection and period of functioning at Khallikote are being investigated, the IIC added.


First Published: Wednesday, May 22, 2013 - 12:45
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