Director of firm arrested by EOW for Rs 12 crore fraud

EOW

Last Updated November 02, 2023

EOW

Bhubaneswar, Nov 2: The Economic Offences Wing (EOW) has arrested one person in connection with a fraud worth Rs 12 crore. The investigating agency has arrested Pankaj Kumar Parida, a resident of Dhauli area in connection with the fraud.

The case was registered basing on the written allegation of one Ruturaj Mohanty, who had alleged against the company Armada Bazar Pvt. Ltd. and its Directors namely Parsuram Rajnetbhai Pal and the arrested accused Pankaj Kumar Parida for cheating him and his relations to the tune of Rs.1.26 cr in the name of investment with the company for opening new grocery and daily utility item marts in different cities of Odisha and its warehousing projects for high returns. 

Police said that the directors and promoters of the firm during the period from February 2022 to January 2023 induced the general public to invest with the company for opening the grocery and daily utility item marts giving the false promise of providing lucrative and hefty returns like 2% returns towards the adjustment of the invested amount and another 2% as interest on the invested amount.

This apart, the investor would get 3.5% of the net monthly billing of the mart which will be credited after two months of investment for next 38 consecutive months. The company was fraudulently executing the mart agreements with the investors, rent agreement with the mart owner and also the franchise agreement with new investors. 

The company has also defrauded the investors of as many as 10 states including Jharkhand, Gujarat, Delhi, Madhya Pradesh, West Bengal, Assam and Maharashtra in similar fashion.

    Tags
  • Economic Offences Wing (EOW)

You Might Also Like

More From Related News
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW
EOW

Copyright © 2022 - Summa Real Media Private Limited. All Rights Reserved.