EOW arrests founder of Sai Pragati chit fund firm

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch (CB) on Tuesday arrested Kamalakant Pattnaik, founder of chit fund company Sai Pragati, accused of duping investors of crores of rupees.

Pattnaik, who works as a traffic inspector in Transport Department was arrested from Bhubaneswar today.

According to sources, the EOW took up the probe after a non-bailable warrant was issued against him last year.

The company had allegedly defrauded depositors of over Rs 100 crore by floating attractive schemes with lucrative returns. Many depositors had registered FIRs against the Sai Pragati functionaries at Capital police station in Bhubaneswar in 2012, sources said.

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