Even as the CBI investigation into 44 chit fund companies in the State is on, a fresh case of another company duping investors has come to light. While the operations of the N Mart Marketing Company are spread over several districts, it is reported to have swindled over `20 crore from people in Bhadrak district alone.
The company had collected money from the people after luring them to buy products through retail chain marketing system. As per the company’s modus operandi, those wanting to be a member of the company had to obtain an ID code after depositing `5,500. Once they became members, they were promised products worth `220 through the company’s retail counters every month.
The company had also promised hefty commissions to the members who roped in more members through the retail chain system. Besides, it had announced to deliver products worth `10,500 to the members in four years with products of `220 per month in 48 instalments and promised to pay double the amount (`11,000) to the members after four years.
However, the company suddenly closed all its retail chain counters in the district leaving its agents in dire strait. The agents, who had opened their accounts in the company, are neither able to return the money to the depositors nor provide them with the products they had booked. Since most of them had roped in their relatives and friends as members, they are now hiding from their customers.
The police have now sealed all the sales and retail counters of the company in the district. Police sources said the company collected over `3 crore through more than 3,000 agents from Chandbali, Mato, Ghanteswar, Dhamra, Aradi, Dhamnagar, Dhusuri, Asurali, Basudevpur, Bideipur, Tihiti, Bhadrak town, Sabaranga, Banta, Agarpada, Bhandaripokhari and Manjuri Road areas of the district.
The company has also collected crores of rupees from the people in Soro area of Baleswar and several areas of Jajpur district through the agents.