Sai Pragati CMD Devashis goes to jail

Bhubaneswar: The Chief Managing Director(CMD) of Sai Pragati company, Devashis Mohanty, has been sent on judicial remand on charges of fraud involving crores and attempt to murder one who had invested in his company. Devashis Mohanty was arrested by the Commissionerate police on Wednesday for attempting to murder one investor with firearms.

Devashis Mohanty was sent to the Jharpada jail after rejection of his bail application by the court. Devashis has been booked under CrPC charges of 307, 506 and Arms Act 25 and 27 to be read with 294. The charges included duping public investments in crores. The investors alleged that several other associates of Devashis Mohanty were involved in the fraud case.

The modus operandi of Devashis was simple. To be a member of Devashis` company one had to invest Rs one lakh to purchase land. Later the said land was sold out to the company owned by Devashis. The company assured the investors that it would pay back Rs 2.40 lakh in two years in 24 easy instalments. One fine morning the company fled away with the investments of about 85,000 investors. The investors alleged that the volume of total money duped thus would be over Rs. 500 crore.

The investors nabbed Devashis on Wednesday after he resurfaced in the city. Devashis allegedly threatened with his licenced mouser. But he was captured by the Khandagiri police while trying to flee away. Cases have been pending against the Sai Pragati in the Puri District Consumer Forum, SDJM court in Bhubaneswar and in the Odisha High Court. But the reactions of neither Devashis nor the police was available.