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Chit fund scam: Micro Finance ex-MD appears before ED

18/02/2019 at 5:53 PM

Bhubaneswar: Chit fund company Micro Finance Ltd’s former MD Durga Prasad Mishra today appeared before the Enforcement Directorate (ED) here in connection with illegal financial transactions.

In 2017, a special CBI court sentenced Mishra to three years in jail in a chit fund scam in Odisha.

The CBI had arrested Mishra in December 2014 on charges of duping investors to the tune of Rs 400 crore by floating six companies in Odisha. The firms included Micro Leasing and Funding, Micro Hotels, Micro Constructions, Micro Hospitals and Micro Media.

Though the company was barred by the Reserve Bank of India in September 2012 from collecting deposits from people, but it continued collecting public deposits.

 

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