Bhubaneswar: The Economic Offences Wing of Odisha Crime Branch on Saturday arrested the director of chit fund company for allegedly duping several investors from Odisha on the pretext of returning high rate of interest during the year 2011-14.
The accused, identified as Arshad Hossain of West Bengal and the director of M/s Ambitious Diversified Projects Management (ADPM) Ltd has been brought to Bhubaneswar on transit remand. He has been forwarded to OPID court in Cuttack today.
According to police, the firm had collected money from several investors of Odisha during the year 2011-14 by assuring high rate of interest in return, under various schemes of the company.
However, at the time of payback the firm director Hossain closed the company and fled.
Later, acting on a complaint lodged by one of the duped investor, identified as Subash Chandra Pradhan of Puri, police launched a probe into the matter.
During investigation it was revealed that the accused along with others firm authorities collected money from several investors and later misappropriated the amount.
Earlier, Omkar Singh (MD) and Kunal Tiwary (Director)of the tainted firm were arrested on November 7, 2015 and January 11, 2017 respectively and were produced before the OPID court in this connection.