Bhubaneswar

Odisha: EOW Arrests One More Director Of Hong Kong-Based Ponzi Firm

Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar, has arrested a director of Hong Kong-based Ponzi firm Q-Net Ltd, Arabinda Kumar, for allegedly duping 31 investors of Rs 1.2 crore.

According to an official release, the Hong Kong-based multi-level marketing company and its franchise Vihaan Direct Selling (India) Private Limited represented through directors and promoters Chandan Kumar Mohalik, Sarat Parida, Devabrat Harichandan, Prasant Kumar Mohanty and Arabinda Kumar were allegedly running illegal money circulation scheme in the guise of Direct Selling Multi-Level Marketing and misappropriated the invested amount of the gullible investors to the tune of crores of rupees.

The EOW had earlier arrested the four other accused – Sarat Kumar Parida, Devabrat Harichandan, Chandan Kumar Mohalik and Prasant Kumar Mohanty.

Further investigation is underway, it added.

OB Bureau

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