The Economic Offences Wing (EOW) of the Crime Branch has arrested Pratap Kumar Biswal, Chairman and Managing Director of Mass Infra-reality Limited, in a fraud case amounting to Rs 15 crore.
Biswal was arrested from New Gana, a posh location in Kolkata, West Bengal on Sunday.
The accused was produced before the designated Court under OPID Act, Balasore on Monday after he was brought on a transit remand from Kolkata.
EOW sources said that Biswal arrested was based on the complaint filed by one Sukadev Hota of Balasore.
The complainant had alleged that Biswal, Chairman and Managing Director of M/s Mass Infra Reality Ltd and Human Welfare Credit & Thrift Co-operative Society Ltd, and its other six directors had duped him and several other depositors on the pretext of providing high rate of interest on their deposits under different schemes floated by their companies.
Preliminary investigation revealed that Mass Infra Reality Ltd was registered in Kolkata during September 2010 under the Companies Act 1956 having its registered office under Barasat Police Station, 24 Praganas in West Bengal.
The accused Pratap Kumar Biswal was its Chairman-cum-Managing Director along with six other Directors. In 2012, the company changed its name to Human Welfare Credit & Thrift Co-operative Society Ltd registered under Multi-state Co-operative Societies Act, 2012 having its registered office in Laxmi Nagar, New Delhi.
The company promising high returns, sought deposits from various investors and general public under different schemes of the company and unauthorisedly collected huge amount of money from several investors and absconded from the locality after closing their offices, the EOW said in a release.