Bhubaneswar: A man from Balalasore, who has established a Chit fund company in Kolkata and becomes his CMD, was arrested by the wing of economic violations (EOW) from the Odisha crime branch on Sundays for allegedly deceiving some investors from the State and outside the tone of almost Rs 15 Crore.
The defendant, Pratap Kumar Biswal (56), was rounded up from new Gararies in Kolkata.
He was produced at the Justice Judge Court (24 South Plares) on Sunday before being taken to Odisha on transit delivery on Monday.
EOW said the PONZI BISWAL company, Mass Infra Reality Limited, allegedly gathered deposits from easy-to-deceived investors between 2010 and 2019.
The company, which was registered with Kolkata in 2010, had his office in the Barasat Police area.
While BISWAL is the company cmd, it has six other directors.
In 2012, BISWAL changed the name of his company for human welfare loans and Savings Society Cooperative Limited under the 2012 Multi-State Act Society Society which has a registered office in Laxmi Nagar, New Delhi.
Bispity is the president.
EOW said the company cheated more than 3,000 people in Odisha by luring them to invest in fraud schemes and promise their high interest rate on their deposits.
To win investor confidence, the company gave high interest in their deposits for several years.
Sukadev Hota from the Ballasore District Soro region, which was also cheated by Balo, filed a complaint against Balo and his company in August 2019 after the company went bankrupt and closed his office in the state.
The source said the Chit fund company has a branch in almost all Odisha coastal districts.
“Investors became greedy and deposited more money with the company in the hope of a decent return.
In 2019, the company closed his office in Odisha and his officials fled.
We are looking for the director,” said Senior Eow Officer.