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Odisha EOW arrests MD of chit fund company in multi crore fraud case

26/07/2021 at 3:36 PM

Bhubaneswar, July 26: Economic Offences Wing (EOW) of Odisha Crime Branch arrested the chairman and MD of Mass Infra-reality limited in a multi crore fraud case from a posh locality of Kolkata.

The accused has been identified as Pratap Kumar Biswal.

According to the EOW, a case was registered on the written complaint of one Sukadev Hota of Soro in Balasore district against Biswal and six directors of the company on the allegation of duping the complainant and many other depositors to the tune of several crores in the pretext of returning high rate of interest on deposits under different schemes floated by the company.

During the investigation, it was revealed that the chit fund is registered with ROC, Kolkata during September, 2010 under the companies Act, 1956 having its registered office under Barasat Police Station in 24 Praganas in West Bengal.

Accused Biswal was its chairman-cum-managing director and there are other six directors.

Subsequently, during the year-2012, it changed to Human Welfare Credit & Thrift Co-operative Society Ltd, registered under multistate co-operative societies Act, 2012 having its registered office in Laxmi Nagar in New Delhi.

The company represented through the managing director (the present accused) and other directors had allured general public with false promise of returning high rate of interest on deposits under different schemes of the company and unauthorised collected huge amount from several investors and absconded from the locality after closing their offices.

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