Chitgate: CB sleuths nab Shreebhumi director

Bhubaneswar: The Economic Offence Wing (EOW) of Crime Branch today arrested the director of chit fund company Shreebhumi Constructions Limited for allegedly duping gullible investors to the tune of Rs 50 crore by promising higher returns, a police official said.

The arrested director has been identified as Subhranshu Singh, the official said.

According to sources, the fraudulent company collected money from thousands of depositors across the State by promising higher interests through its various schemes. However, it suddenly shut down its shutters in 2012.

After getting the complaints from the victims, the sleuths were on the hunt for the director of the company. The State investigative agency conducted raids at the company’s premises last night and nabbed the director, the sources added.

The EOW had arrested three senior officials of another ponzy firm Vista Management Services Limited, including its Chairman-cum-Managing Director (CMD) Deb Kumar Panda, earlier this month.