Ponzi Firm MD Arrested From Kolkata For Over 2 Crore Fraud In Odisha

Kolkata/Cuttack: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested the Managing Director of a company from Kolkata for his alleged involvement in a chit fund scam.

The accused Jaydeep Raha, MD of Jetex Ocenair Pvt Ltd, has beeen booked under Sections 4, 4 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978, and Section 6 of OPID Act, 2011.

He was produced before the Additional Chief Judicial Magistrate, Alipore, South 24 Parganas, on Monday and is brought on transit remand to Odisha to be produced in the designated court under OPID Act in Cuttack.

Raha was arrested on the basis of a complaint lodged by Subash Chandra Pradhan of Balanga in Puri district.

The Kolkata-based chit fund company Ambitious Diversified Projects Management Ltd and OAK India Multistate Credit Co-operative Society represented through its Directors and members had illegally collected crores of rupees from investors in Odisha on the false assurance of a high rate of interest. After getting the money, they reportedly closed down their office without paying either the principal or interest amount. Between 2010 and 2014, the company fraudulently collected more than Rs 2.62 crore from 1,968 investors in Odisha, an EOW release said.

Investigation revealed that Rs 1.83 crore of the total amount had been diverted to the account of OAK India Multistate Credit Co-operative Society of which Raha is the present MD. He was arrested after failing to give a satisfactory explanation on receipt of such a huge amount.

Three cases have been registered against the chit fund company in West Bengal. Earlier the accused company’s MD Omkar Singh and other directors namely Kunal Tiwary, Arshad Hussain and Mringanka Sekhar Chakrabarty of Jetex Oceanair were arrested, the release added.