The Commissionerate Police on Wednesday arrested chit fund firm Vibgyor Group of Companies managing director Pabitra Kumar Sahoo for allegedly duping gullible investors of Rs 14 crore. On a tipoff, staff of the Capital Police Station conducted a raid at a house in Banpur of Khordha district and arrested Sahoo under sections 420, 120(B) of IPC and Sections 4, 5 and 6 of Prize Chit and Money Circulation Scheme (Banning) Act 1978 and Section 6 of the Odisha Protection of Interest of Depositors Act.
Sahoo, a resident of Bolagada in Khordha district, was held for criminal conspiracy, police sources said.Notably, Sahoo had opened the company’s office at Suryanagar in the capital city in 2009 and allegedly collected money of around Rs 14 crore from the investors through various schemes like recurring deposit, monthly income scheme and fixed plans.The company, whose headquarter situated at Vibgyor Tower, 87, Dr Suresh Sarkar Road in Kolkata in West Bengal, had failed to return the money of the investors though it had promised them to give hefty returns earlier.