Bhubaneswar: The Economic Offences Wing (EOW) of state Crime Branch on Tuesday arrested Kamalakant Patnaik, founder member of Ponzi firm Sai Pragati Group of Companies, in connection with multi-crore chit fund scam in Odisha.
A non-bailable warrant was issued against him a year ago.
Patnaik, currently serving as traffic inspector at the Transport Department, had allegedly duped investors to the tune of Rs 100 crore.
Sai Pragati had defrauded hundreds of depositors by floating attractive schemes with lucrative returns and several among them had registered FIRs against the company’s functionaries at Capital police station here earlier in 2012.
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