Bhubaneswar: The Economic Offence Wing (EOW) of Odisha Crime Branch today arrested Kamalakanta Pattnaik, founder member of Sai Pragati Assets and Properties Pvt. Ltd. in connection with the multi crore chit fund scam in the state.
According to EOW, the company having its office at Bapuji Nagar here had floated a buyback policy during 2010-11.
Assuring the investors to provide a high return of interest and other lucrative offers, the company had received over Rs 100 crore from depositors.
The company after paying some initials installments to the depositors had downed its shutter and fled with the money of the investors.
The accused is currently serving as Traffic Inspector in Commerce and Transport Department, Bhubaneswar.