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Chit fund scam: EOW arrests founder of a ponzi company

Press Trust of India  |  Bhubaneswar 

The Economic Offence Wing (EOW) of Police today arrested a person, founder member of a ponzi company here in connection with the multi crore chit fund scam in the state.

The EOW arrested Kamalakanta Pattnaik, founder member of Sai Pragati Assets and Properties Pvt Ltd in connection with the multi crore chit fund scam.

According to EOW, the company having its office at Bapuji Nagar here had floated a buyback policy during 2010-11.

The ponzi firm received investment from people after assuring them to provide a high return of interest and other lucrative offers. The company had received over around Rs seven crore from depositors.

Though the company made some initial payments to the depositors, it later vanished with the money.

The accused Kamalakantha Pattnaik is currently serving as Traffic Inspector in Commerce and Transport Department, Bhubaneswar.

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Tue, September 12 2017. 17:07 IST