Rourkela: Economic Offences Wing arrested president of Adarsha Consumer Co-operative Society Ltd. (ACCSL), Rourkela, on Friday on charges of misappropriation of public fund.
The EOW sleuths arrested the accused Bijaya Kumar Padhi (68) from Rourkela under Odisha Protection of Interest of Depositors (In Financial Establishments) Act 2011 and he has been forwarded to the OPID Court, Sambalpur.
The case was registered as per order of the High Court of Orissa, following CRLMP No 1325/2017 filed by Bymokesh Panda of Sambalpur in the matter of cheating and misappropriating the money of many retired persons by the arrested and others of the Society.
Investigation revealed that Bi jay Kumar Padhi was in overall charge of management of the Society.
On being induced by him, complainant Bymokesh Panda, a retired senior SAIL employee had deposited a sum of Rs 20 lakh in fixed deposit scheme of the Society at 15% per annum in the year 2003.
Money was collected unauthorisedly by the accused by manufacturing fake documents. Thereafter, he had misappropriated the same on different pretexts. In the like manner he had collected several crones rupees from different persons mostly retired SAIL/ Govt. employees with assurance of high rate of interest than prevailing interest rate of Bank and misappropriated the said amounts.
The investigation of the case is in progress.