Odisha Police nabs MD of Kolkata-based firm in chit fund case

The managing director of a Kolkata-based firm was arrested by the Odisha Police for allegedly duping investors in a ponzi scheme, a statement said on Tuesday.Jaideep Raha was nabbed from Kolkata on Monday on a complaint by Subash Chandra Pradhan, a resident of Puri district, it said.Chit fund companies Ambitious Diversified Projects Management and OAK India Multistate Credit Co-operative Society had illegally collected money by assuring investors of a high rate of interest, according to the complaint.Subsequently, they closed down the offices without paying the interest as well as the principal amount.

The managing director of a Kolkata-based firm was arrested by the Odisha Police for allegedly duping investors in a ponzi scheme, a statement said on Tuesday.

Jaideep Raha was nabbed from Kolkata on Monday on a complaint by Subash Chandra Pradhan, a resident of Puri district, it said.

Chit fund companies Ambitious Diversified Projects Management and OAK India Multistate Credit Co-operative Society had illegally collected money by assuring investors of a high rate of interest, according to the complaint.

Subsequently, they closed down the offices without paying the interest as well as the principal amount. From 2010 to 2014, the chit fund firm had illegally collected more than Rs 2.62 crore from 1,968 investors.

Investigation revealed that of the collected amount, around Rs 1.83 crore was diverted during 2011-12 to Jetex Oceanair Pvt Ltd, whose managing director is Raha at present, the statement issued by the Economic Offences Wing of the Crime Branch said.

The suspect could not give any satisfactory answers regarding receipt of such a huge amount, it said.

Raha was brought to Odisha on transit remand. There are cases lodged against the chit fund company in West Bengal as well, it added.

Earlier, four people were arrested in the case. An investigation is underway, the statement said.