Mideast CMD arrested

Balasore: Even as the Economic Offences Wing (EOW) of the Odisha Crime Branch continues to seize properties of dubious chit fund companies in the State for allegedly duping investors crores of rupees, another similar scam has come to the fore in Balasore with the arrest of one Debesh Nayak, the CMD of Mideast.
 
Balasore Town police last night arrested Nayak and seven other agents from a hotel in Chandipur when they were holding a secret meeting, sources said.
 
Police, acting on a tipoff, conducted the raid and seized two vehicles from their possession.
 
It was alleged that Nayak who had formed Mideast company few years back, dodged investors from Balasore and Bhadrakh districts to the tune Rs 3 crore on the false promise to double the invested amount in three years.
 
Meanwhile, Seashore Group CMD Prashant Dash has been lodged in Koraput jail after his bail petition could not be moved due to lawyers’ strike on Monday.
 
Dash who was moved from Crime Branch headquarters in Cuttack to Koraput on Sunday, was produced by the Crime Branch before the SDJM court last night.