Two Officials of Chit Fund Firm Arrested in Balasore


Balasore, Dec 02: Two officials of a chit fund company were arrested in Balasore district on Monday for allegedly duping depositors of about Rs 13 crore, the police said.

Bhagaban Pradhan and Debisankar Parmanik, branch manager and regional manager respectively of MGL Infra Private Ltd, were arrested on the basis of a complaint by a resident of Nuapadhi village in Remuna area, the police said.

A case under various sections of the IPC, and Prize, Chit and Money circulation (banning) Scheme Act 1978 have been registered and a luxury car valued about Rs 20 lakh seized.

Subash Mallik, CMD of the company, was arrested earlier in September.


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