The Economic Offence Wing (EOW) of the Crime Branch (CB) arrested Maa Mangala Savings and Credit Cooperative limited's president Binayak Mishra for duping its investors of Rs 5 crore, said CB DIG Rajesh Kumar. Mishra was forwarded to the court on Monday, said the DIG and added that the CB had also arrested an official of the cooperative a few days ago.
In another incident, Badambadi police in Cuttack arrested two persons, including Binay Kumar Das of Raja Bagicha area, for cheating Rs 4,400 from a person from Jajpur, promising a loan of Rs 10 lakh.
When the Jajpur man knew about the cheating, he lodged a case at the Badambadi police station against Das and his financial institution Om Finance. Police arrested the duo and forwarded them to court on Monday. Meanwhile, complaints against the non-banking financial institutions are increasing. On Monday, the investors of a chit fund firm, Morningstar Ventures limited, lodged complaints at the EOW office of being swindled of Rs 10 cr promising hefty returns.
In Baleswar, on the allegation of duping by investors, seven persons, including the managing director of chit fund company, Mideast, were detained by the Town police here for interrogation after they were rounded up from a hotel in Chandipur on Sunday night. Company MD Debesh Nayak was holding a meeting with his agents when the investors informed the police about their presence at Chandipur.
The police sources said the company's financial scam could be to the tune of around Rs 100 crore