The Patkura police arrested one Bhabani Prasad Pani (51) alias Tikia, secretary of the Subhashree Multipurpose Cooperative Society at Garadpur in Kendrapada district and forwarded him to court on Friday for allegedly duping investors of around Rs 50 lakh money.
Pani along with other associates duped around 1,100 gullible investors through the cooperative society on the assurance of providing double money within a short period and with more interest.
Acting on an FIR lodged by some investors, the police on Friday conducted a raid and managed to seize some pass books, office ledger, deposit slips, register and other important documents of the cooperative society besides arresting Pani.
The arrested person was later remanded into jail custody after his bail plea was rejected by the court, said police officer Gobinda Samal.