The Economic Offences Wing (EOW) of the Crime Branch has arrested a chit fund company Oak India Multi-State Credit Cooperative Society ltd managing director Omkar Singh from Kolkata for allegedly duping investors of crores of rupees.
Sources said he has duped depositors of Odisha over Rs15 crore.
A team of EOW officials arrested Singh from Kolkata on Saturday and produced him at a court of Additional Chief Judicial Magistrate at Alipore.
The court later allowed the investigating agency to take him on a two-day transit remand to Bhubaneswar for further interrogation.
According to sources, Singh had opened two chit fund companies, Ambitious Diversified Projects Management ltd and Oak India Multi-State Credit Cooperative Society ltd, in Odisha and later set up seven branch offices of these two companies in Brahmapur, Baleswar, Bhubaneswar and Koraput and collected deposits from people under various schemes.
The RBI had earlier informed the Crime Branch about the illegal monetary transaction of the company.