Odisha:Minefield for cheat funds

Bhubaneswar: The state has of late turned into a safe haven for multi-level marketing agencies and chit funds. Several such dubious companies in the recent past have duped the public by over a staggering Rs 1,500 crore. The companies dupe the public by promising hefty return on small and large investments.

Sarat Samantray is a tailor by profession. He hails from Muktarpur in Khurda. Sarat had invested about Rs12,000 in the Sai Pragati Assets and Properties Company with the hope that the investment amount will be doubled in a short span of just two years. Sarat is unsure whether he will gert back the iniatial amount even. Sarat is not alone. His worries shared equally by Sudhanshu from Bhubaneswar. The Sai Pragati has closed down its office at Saheed Nagar in the capital.

Not just Sai Pragati. Several other companies have in the last five years flied away with over an astonishing Rs 1500 crore. The dubiuous sectors of trade include chit funds, multi-level marketing agencies and real estate organisations. Bollywood star Naseer Khan looted over Rs 630 crore from investors mostly in Balasore and adjoining areas. The modus operandi of all the compoanies is the same. Sell dreams to the investors and fly away.