Economic Offences Wing (EOW) of the Odisha Crime Branch arrested MD of OAK India Multi–State Credit Cooperative Society a chit fund firm from Kolkata for allegedly cheating investors of Rs.10 crore, according to a report by Odisha Sun Times quoting officials sources.
The accused was arrested under section 120-B/406/467/468/471/420 of IPC r/w section 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and section 6 of OPID Act, 2011.
A case was registered against the company on the report of one Subash Chandra Pradhan from Bhanapur under Balanga police station limits in Puri district.
The complainant had alleged that OAK India Multi-State Credit Cooperative Society had collected crores of rupees from the investors of Odisha by assuring high rate of interest and closing down the offices without paying the interest as well as the principal amount.