State

EOW arrests chit fund firm director for Rs 3 crores fraud

Bhubaneswar: The economic offences wing (EOW) of the Crime Branch has arrested Mringanka Sekhar Chakrabarty, director of chit fund company M/s Ambitious Diversified Projects Management Ltd. for defrauding people of Odisha.Mringanka (36), a resident of Upper Chelidanga in Asansol South Police Post in Panchim Bardhanam district of West Bengal, was the director of M/s Ambitious Diversified Projects Management Ltd. Later he converted the company to OAK India Multistate Credit Co-operative Society Ltd.
After his arrest, the accused was produced before the Court of Chief Magistrate, Paschim Bardhanam, and brought to Bhubaneswar on transit remand. Later he was forwarded to the presiding officer of special designated chit fund court in Cuttack. According to sources, a case was registered against Mringanka on the complaint of Subash Chandra Pradhan of Bhanapur under Balanga police limits in Puri district.
According to the complainant, the accused along with other MD/directors of M/s Ambitious Diversified Projects Management Ltd., Kolkata and OAK India Multistate Credit Co-operative Society Ltd. had collected several crores of rupees from the investors of Odisha during the year 2011-14 in different schemes of the company. They assured high rate of interest and subsequently dosed down the offices of the company without paying interest as well as the principal amount to its investors.During the investigation, it was learnt that Mringanka and other MD/directors collected approximately Rs 3 crores from the investors in Odisha with allurement of high rate of returns and subsequently the company cheated the investors and misappropriated the invested amount.Earlier, managing director of the dubious firm, Omkar Singh (MD), and directors, Kunal Tiwary and Arshad Hossain were arrested on November 7, 2017, and on October 5, 2018.

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