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Ex- secretary of Adarsha Consumer Co-op held for Rs 12 crore fraud

1/09/2018 at 4:51 PM

Bhubaneswar: The Economic Offenses Wings (EOW) has arrested Adarsha Consumer Co-operative Society former secretary in connection with fund misappropriation case.

Sarat Kumar Senapati was accused of misappropriating around Rs 12 crore. He has been forwarded to the court today.

According to reports, the case was registered against Sarat as per the order of Orissa High Court for cheating and misappropriating money of many retired persons.

It was alleged that Sarat had misappropriated Rs 12 crore from different persons with assurance of high rate of interest than prevailing interest rate of bank.

Earlier on August 3, another accused Bijay Kumar Padhi was arrested.

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