Sai Pragati CMD arrested

Bhubaneswar: The Khandagiri police has arrested the CMD of Sai Pragati Property and Assets, Devashis Mohanty, in a fraud case involving worth over Rs 500 crore. Devashis has been held on charges of threatening depositors with firearms. The police recovered one mouser and Scorpio vehicle from Devashis. Sai Pragati started business deals with public by […]

Odishatv Bureau
  • Published: Thursday, 08 March 2012
  • Last updated: 08 March 2012, 01:06 PM IST

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Bhubaneswar: The Khandagiri police has arrested the CMD of Sai Pragati Property and Assets, Devashis Mohanty, in a fraud case involving worth over Rs 500 crore. Devashis has been held on charges of threatening depositors with firearms. The police recovered one mouser and Scorpio vehicle from Devashis.

Sai Pragati started business deals with public by assuring to provide more profits on lesser investments. The CMD of the company suddenly disappeared from the market after raising over Rs 500 crore. However, several depositors tried to nab CMD Devashis when he resurfaced in Bhubaneswar after a long duration. The reaction of accused Devashis was not available.

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