The Angul police on Tuesday arrested employees of the laxmi Cooperative ltd, a chit fund company, for allegedly duping investors of crores of rupees.
Sources said the firm has duped over Rs 1 crore from the people of Angul.
Acting on a complaint filed by one of the investors, the Angul police arrested laxmi Cooperative ltd secretary loknath Behera and company Angul in-charge Basanta Sahoo.
The complainant alleged that the company denied refund of his money despite the maturity.
According to sources, the duo arrested persons had opened a branch office of the company near Amalapada in Angul, collected over `1 crore from the people of the district under various schemes.
But despite the maturity of schemes the company denied refund of the deposits. Upset over the action of the company a large number of duped investors on Tuesday gheraoed the Angul police station demanding immediate arrest of the company officials.
The police rushed to the company office at Amalapada and took lokanath and Basanta to their custody.
“We have arrested company’s secretary lokanath Behera and Angul in-charge Basanta Sahoo and seized some documents. Though they have obtained licence from the Cuttack Cooperative Society for opening of their company but they did not have the licence to open a branch office in Angul,” said Angul SDPO RN Das, adding that investigation is on.