Chit fund scam: Three officials of GAH Multitrade arrested
Keonjhar: The district police has arrested three persons including managing director of GAH Multitrade Pvt Ltd on charges of defrauding investors in Odisha and outside the State.
“Three persons have been arrested on Friday and a probe is currently underway,” said Suresh Chandra Patra, DSP (Crime), Keonjhar.
As per reports, MD of GAH Multitrade, Subrat Sethi and two other staff were arrested on basis of a complaint filed at the Town police station. The chit fund company, which has been collecting deposits from investors through its branches at different places in Keonjhar, Jharsuguda, Rayagada, Cuttack and Bhubaneswar, has allegedly defrauded investors of more than Rs 26 crore in one year.
“The Town police launched an inquiry after registering a case on the basis of complaints filed,” added Patra.
According to sources, one vehicle, two computers and several incriminating documents were seized from the possession of the arrested persons.
The company had been operating in 11 other states and collecting money by assuring hefty returns to investors through attractive schemes.