Another Chit Fund Company Decamps With Over Rs 30 Crore Investor Money From Odisha

The State administration and people seem to have learnt little from the earlier rampaging chit fund scams in Odisha. 

Another chit fund company, Auroxa Deal Multitrade, has reportedly duped gullible investors of over Rs 30 Crore in Balasore, Bhadrak, Mayurbhanj and Keonjhar districts in Odisha.

As per the complaint lodged by some agents of the Bhubaneswar branch with the Economic Offences Wing (EOW), the chit fund company had opened its network in various districts of the State. They collected over Rs 30 crore from the investors by promising them to refund crores of rupees along with vehicles, houses, bank deposits and foreign trips in just six months.

However, the company suddenly vanished with the deposit money leaving its investors in a state of shock and despair. The agents have lodged a complaint with the EOW against four masterminds of the company- Sarat Kumar Nayak, Prabhat Ranjan Das, Bishikeshan Behera and Prasanna Mahalik.

As per reports, the company attracted people and agents initially by organising a grandiose programme in Balasore and giving them various false promises.

“They collected Rs 7,000, Rs 12,000, Rs 25,000 and Rs 49,000 from depositors under various attractive schemes and gave them different electronic gadgets and cash backs up to 250 days in return. In this way they earned the faith of the people initially,” said Sachikant Mallick, an agent who is a victim of the fraud.

“Then the company opened more franchisees and collected Rs 5 lakh to Rs 20 lakh from different investors through various schemes and suddenly decamped with the deposit amount,” rued another agent Jayaprakash Mallick.

The depositors are now clueless about the whereabouts of the bosses of the company and are in a state of disbelief.

“Police have turned a blind eye on the activities of chit fund companies in the State and are indirectly supporting them. The poor and gullible people in the State are suffering because of the careless attitude of the State administration,” said Jayant Das, Convener of the duped investors’ forum.