Odisha: Chit Fund Scamster Held By EOW

Bhubaneswar: The Economic Offences Wing (EOW) has arrested a scamster from Bhubaneswar on November 30, Tuesday.

The arrested accused has been identified as Arabinda Kumar, he is the son of Kailash Chandra Mohanty of Palai village of Derakundi Post Office in Chandol under Derabish police limits of Kendrapada district.

The accused has been booked under the Prize Chits and Money Circulation Schemes (Banning) Act,1978 and Sec. 6 of Odisha Protection of Interests of Depositors Act,2011.

The accused is being forwarded to the Court of Presiding Officer, OPID Court, Cuttack to-day.

The above noted case was registered on the allegation that M/s. Q- Net Ltd., a Hong Kong-based
multi-level marketing company and its franchise M/s. Vihaan Direct Selling (India)
Private Limited represented through their Directors and Promoters/Active Individual
Representatives namely Chandan Kumar Mohalik, Sarat Parida, Devabrat Harichandan, Prasant
Kumar Mohanty, Arabinda Kumar and others were running illegal money circulation scheme in the guise of Direct Selling Multi-Level Marketing (MLN), and misappropriating the invested
amount of the gullible investors to the tune of crores.

Earlier in the case four accused persons namely Sarat Kumar Parida, Devabrat Harichandan, Chandan Kumar Mohalik and Prasant Kumar Mohanty have been arrested.

Investigation revealed that the accused persons have duped 31 investors, pursuant to a criminal conspiracy, by collecting 1.2 Crores from them with the assurance of very high returns.

Further the aforesaid company & i¥ Directors/Promoters have failed to provide the assured service/returns for which the money was invested.

Investigation of the case is continuing.

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