Chit fund scam: Raj Godson CMD arrested in Balasore

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Balasore: In yet another case in the chit fund scam in the State, Balasore police on Wednesday arrested the CMD of the Raj Godson chit fund firm Jagdish Mishra for allegedly duping people of around Rs 15 crore.

The police arrested Mishra after the affected investors detained him and later handed him over to the police. The investors alleged that the chit fund company chief had managed to convince the investors to deposit money in his company promising hefty returns and hoodwinked people even after the closure of the company by changing its name.

“Mishra has duped gullible people of Balasore and Mayurbhanj districts of around Rs 15 crore by luring them with various lucrative schemes. He has invested the hard-earned money of the people in real estate, hotel and land business. He has also used the money to produce an Odia film ‘Mu Ferile Tumara’ in which he has also acted,” said investor Dasharathi Das.

Sources said the Raj Godson chit fund company operated in the two districts for three years from 2010 to 2013 and shut shop after the multi-crore chit fund scam in the State came under the scanner. However, Mishra did not stop and continued to run his fraudulent business by changing the company’s name frequently, alleged another investor.

Balasore Town police arrested him on the basis of the complaints of the investors and preliminary investigation, police said. “It alleged that the company stopped returning money to the investors from a particular period. The investors have given a detailed report on this. We will investigate the matter and take action accordingly,” said Balasore Town police station IIC Dillip Sahu.

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