Woman arrested for chit fund fraud worth Rs 7 crore in Odisha
Published By : Prameya News Bureau | May 06, 2022 IST
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Bhubaneswar, May 6: The Economic Offence Wing (EOW) has arrested one woman in connection with chit fund fraud worth Rs crore. The accused identified as Pallavi Mishra was one of the directors of Purple Qualves Financial Services Pvt. Ltd which cheated investors on pretext of high return on their investments. “As many as 43 numbers of investors have invested Rs 7 crore in the company. Initially in order to build confidence amongst the investors, the accused Pallavi Mishra and her husband had made some initial payment as promised to some investors. But, subsequently they failed to return the promised amounts despite repeated requests of the investors,” said an official. The EOW had earlier arrested Pallavi’s husband Satyaranjan Hota in this case.” It was further ascertained that the ponzi firm was not authorised either by RBI or by SEBI to receive the public deposits and also to invest the money in share market. During investigation, 23 agreement papers showing investment by the investors with the director of the firm containing the signatures of the couple have also been seized,” added the official.
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