Gunpur: Police arrested an advocate on Monday for allegedly duping people lakhs of rupees though his chit fund companies in Rayagada district.
The arrested has been identified as Kailash Sabar.
According to reports, Sabar was running two chit fund companies – List and Damono. He had collected lakhs of rupees from the depositors promising lucrative return schemes on their investments. However, he failed to pay return to the depositors, following which some investors filed police complaint against Sabar.
The Gunupur sub-divisional judicial magistrate (SDJM) court had issued a non-bailable warrant (NBW) against the advocate and police arrested him yesterday. Besides, the two chit fund companies were also sealed by the cops.
The arrested advocate will be forwarded to the court today, informed sources.