State

Chit Fund Scam: Micro Finance ex-MD taken on 6-Day Remand

Bhubaneswar, Dec 16: CBI on Monday took Durga Prasad Mishra, former managing director of ponzi scheme company Micro Finance Ltd (MFL), on a six-day remand.

The CJM court judge P L Satapathy accepted CBI's petition seeking remand of Mishra who was arrested by the central investigating agency yesterday after being on the run for the last nine months.

MFL has allegedly duped investors of Rs 500 crore by floating several ponzi scheme companies in Odisha.

CBI alleged the accused had floated 10 companies, including a television channel and over a period of time is alleged to have collected Rs 500 crore from depositors.

Speaking to reporters outside the court, Mishra claimed MFL operated as per RBI guidelines and has been in business for 30 years. He also denied he had gone into hiding.

Mishra's son Kali Prasad appeared before CBI during the day and was grilled for nearly an hour.

The agency sleuths had raided his residence here on December 8 and seized some documents.

-PTI

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