Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch of Odisha Police on Friday arrested the managing director of Sree Bhumi Construction, a Ponzi firm on charges of duping about Rs 50 crore from investors.
Subhransu Singh, the managing director of the company was arrested by Crime Branch officers during a raid at his residence in Jayadev Vihar here last night.
According to the sleuths, Singh began his business from his Jayadev Vihar residence in 2011 and subsequently opened several offices across the state, promising gullible investors to double the amount of their deposited money.
He shut shop after the Supreme Court handed over the chit fund scam cases to the CBI for investigation, they said.
The EOW registered a cheating case against the accused and the company in January this year, acting on complaints lodged by a group of duped investors.