The Economic Offences Wing (EOW) of the Crime Branch on Thursday arrested Kailash Chandra Sethy, chief of the Katloon Management and Financial Services Pvt ltd, which has allegedly duped depositors of over `5 crore in the State.
According to reports, the company was registered at the Registrar of Companies, Cuttack in November 2010 and had opened its branches in Bhubaneswar and Ganjam.
EOW sleuths swung into action after Ramakrushna Pani, a Ganjam-based man, had lodged a complaint against the tainted money collection company at the Buguda police station alleging that it duped many depositors to the tune of `5 crore by promising hefty returns on deposits.
Earlier in July 2015, Aswini Kumar Nayak, one of the directors of the company, had been arrested by the Ganjam police.