Odisha chit fund scam: OSCAR Infra-development Ltd Director arrested
Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested a top executive of OSCAR Infra-development Ltd allegedly involved in multi-crore chit fund scam, sources said today.
The arrested person has been identified as Rabindra Prasad Swain (45) of Bhabarada in Palasara police limits of Ganjam. He was the Director of M/s OSCAR Infra-development Ltd., one of the sister concern of OSCAR Group of Companies.
Swain was produced before the OPID court in Cuttack after his arrested following which the court sent him to the jail.
The EOW had arrested three more Directors of the company – Kirti Bastia, Abani Patnaik and Tara Prasad Hota in June 2016. Few days prior to the arrest of the trio, the Chairman of the Group Prabhas Rout was also arrested for defrauding investors to the tune of around Rs 230 crore promising higher return on investment.
The dubious firm had operations in Gujarat and Maharashtra apart from Odisha.
The Ponzi company was collecting money from gullible investors through various verticals namely OSCAR Management Services Ltd, OSCAR Infra-development Ltd, OSCAR Co-operative Ltd, OSCAR Real Estate Pvt Ltd and OSCAR Finance.
Rabindra had also invested money in regional film industry.