The Town police here on Thursday arrested the owner and two other senior officials of a chit fund company based in Bhadrak town.
According to reports, police arrested Milanjyoti Corporation owner-cum-CMD Sandhyarani Padhi and her husband Dasirathi Mishra who happens to be one of the directors and another director Biswanath Padhi on the charges of defrauding gullible investors of about Rs 10 crore with false promises.
The police took the action after some investors lodged a complaint against the company, alleging that it had not returned their money despite repeated reminders. The firm had opened nine offices in different parts of the State and closed all its establishments last year.