Rain likely to lash Odisha as low pressure area forms in Bay of Bengal
It was expected to lie over North West Bay of Bengal in the evening of Saturday and intensify into a depression over the same area on Sunday, it said.
Earlier on 15 February, Babu Singh Kushwaha, director and promoter of the chit fund company had been arrested from Gwalior in Madhya Pradesh.
Photo: SNS
The Economic Offences Wing (EOW) of Odisha on Thursday arrested two more accused persons in the Auroxa Deal Multi-trade (OPC) Private Limited chit fund scam for their alleged involvement in defrauding the investors to the tune of Rs 10 crore.
The accused persons, identified as Sarat Kumar Nayak and Prabhat Ranjan Das, were later remanded to judicial custody under relevant sections of Odisha Protection of Interests of Depositors act. Earlier on 15 February, Babu Singh Kushwaha, director and promoter of the chit fund company had been arrested from Gwalior in Madhya Pradesh.
The accused persons conniving with other personnel of the bogus money circulation company had duped several investors on the pretext of returning a high rate of interest on their deposits under various attractive schemes launched by the company. The amount defrauded by them ran into more than Rs 10 crore.
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The business model was of a simple pyramid structure, works as a binary scheme in which the early entrants earn money and as the number of investors and depositors increases, the scheme collapses at a point of time. Thus, the deceit and fraud is camouflaged under the name of Direct Selling Marketing and business, said EOW officials.
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