EOW Arrests Woman Director Of Purple Qualves Chit Fund Firm For Rs 7 Cr Fraud
Bhubaneswar: The Economic Offences Wing has arrested Pallavi Mishra, another Director of Purple Qualves Financial Services Pvt. Ltd, a chit fund company, for duping investors of Rs 7 crore.
Pallavi, wife of Satyaranjan Hota of Banasingh under Sadar police limits of Dhenkanal district, was arrested on Thursday and forwarded to Court of Presiding Officer, OPID Court, Cuttack.
The company has been accused of duping 43 investors of Rs 7 crore luring people to invest money in their company for higher interests. Initially, the directors made some payments as promised but subsequently they failed to return the promised amount despite repeated requests of the investors.
Fearing that they have been duped, the investors filed a complaint. During investigation it was further ascertained that “Purple Qualves Financial Services Pvt. Ltd. is not authorised either by RBI or SEBI to receive the public deposits and also to invest the money in share market.”
When the investors asked for their money back, they were issued cheques which bounced and were also threatened with non-return of their invested money.
During investigation, 23 agreement papers containing the signature of Satyaranjan Hota and Pallavi Mishra Hota have been seized.
Satyaranjan was arrested in this case and is in judicial custody.