The Pattamundai police on Saturday arrested the president of Pattamundai-based chit fund company, Utkal Rural Development Multipurpose Cooperative ltd, Sachikanta Biswal, for allegedly duping investors of lakh of rupees.
Biswal was produced before local court, which remanded him to jail custody. According to IIC of Pattamundai police station Baruni Das, Biswal, who opened the company in 2009, had promised the investors to double their money in three-year and five-year schemes along with more interest than other financial institutions. But later, he closed his company in 2011.
An investor, Prasant Das, filed a petition before the Crime Branch’s Economic Offence Wing against the company. The Economic Offence Wing asked the Pattamundai police to register a case and take action against the accused.