Enjoying on public money: Sai Pragati way

Bhubaneswar: Come invest with us and we will change your fate. The Sai Pragati company had been able to lure hundreds of investors with such sugarly coated slogans. But what happened ultimately? The company directors used to spend lakhs on enjoyment and merry-making while looting public depositors. The company recently organised `First Dhamaka Function` in […]

Odishatv Bureau
  • Published: Wednesday, 14 March 2012
  • Last updated: 14 March 2012, 08:14 PM IST

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Bhubaneswar: Come invest with us and we will change your fate. The Sai Pragati company had been able to lure hundreds of investors with such sugarly coated slogans. But what happened ultimately? The company directors used to spend lakhs on enjoyment and merry-making while looting public depositors.

The company recently organised `First Dhamaka Function` in a resort located on the outskirts of the capital city. The company spent lakhs on the arrangements. Video footages of the function available with OTV suggested that the Chief Managing Director of the company Devashish Mohanty and several other senior officials of the company attended the function. Devashish Mohanty has been arrested by the Commissionerate police recently.

Not just Sai Pragati but several other companies like the Star Consultancy, Flourish India, Aam Finance and Fine Chit Fund Company of Naseer Khan in Balasore duped depositors in hundreds of crores. Ironically while some directors are behind the bars some others are on bail. But the hapless investors continue to suffer and wait for return of investments.

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