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Tag: Chit Fund

Odisha EOW Freezes Over Rs 17 Cr Bank Deposits Of Sambandh Finserv
Odisha EOW Freezes Over Rs 17 Cr Bank Deposits Of Sambandh Finserv

The Economic Offences Wing (EOW) of the Odisha Crime Branch has frozen over Rs 17 crore bank deposits of Sambandh Finserv accumulated through various fraudulent means.

Chit Fund Depositors Oscillate Between Hope And Despair In Odisha
Chit Fund Depositors Oscillate Between Hope And Despair In Odisha

Pushpabati Parida, a resident of Shaymsundarpur village in Balasore district. Pushpabati, who runs a grocery shop in the village to keep the wolf from the door, has a bitter story to narrate.

Chit Fund Case: CBI Brings Subhra Kundu, Wife Of Rose Valley Group Chief To Bhubaneswar

Bhubaneswar: A day after her arrest in Kolkata, the Central Bureau of Investigation (CBI) officials on Sunday brought Subhra Kundu, the wife of Rose Valley Group chairman Gautam Kundu, to Bhubaneswar for questioning. As per sources, the CBI wants to conduct further probe in connection with the Rose Valley chit fund scam in Odisha. The […]

Odisha: HC Blow To Chit Fund Scam Convict Pradeep Sethy

Cuttack: The prime convict in the multi-crore Artha Tatwa chit fund scam, Pradeep Sethy, has to remain in jail for some more time as the Orissa High Court on Thursday rejected a writ petition filed by him claiming ‘double jeopardy’ for his release from jail. ‘Double jeopardy’ is a universally accepted principle that bars a […]

Rs 250 Crore Loan Fraud Allegations Against Micro Lender In Odisha

Rourkela: A microfinance company based in the Steel City Rourkela allegedly duped its loanees to the tune of Rs 250 crore. The allegations was brought against the Chief Executive Officer of Sambandh Finserve Private Limited, Deepak Kindo, son of a retired IAS officer, for reportedly laundering money to shell accounts through multiple forged loan accounts. […]

No End To Misery Of Chit-Fund Depositors In Odisha?

Bhubaneswar: In what can be considered as a major blow to hopes of large depositors who had lost their investment of more than Rs 10,000 in various ponzi schemes in Odisha, the State Minister on Monday informed the Assembly that as of now the government has no such provisions to ensure refund of the duped […]

Bill to ban Ponzi schemes, protect depositors passed by LS

New Delhi: A Bill to protect depositors from Ponzi schemes and put in place a mechanism by which the investors can be compensated was passed by the Lok Sabha on Wednesday by voice vote. The Banning of Unregulated Deposit Schemes Bill, 2019, which would replace the ordinance on the same, seeks to tackle the menace […]

Is Fear of CBI Forcing CM Naveen to forget his equidistant Stance?

Bhubaneswar: After extending support to the National Democratic Alliance (NDA) nominee Om Birla’s candidature for the Lok Sabha Speaker’s post, the Biju Janata Dal (BJD) has now given its nod to PM Modi’s ‘one nation one election’ policy. While it seems a usual process in a federal structure like India, these have made many ponder […]

Need 2-3 years to identify all small investors: Chit fund inquiry panel

Bhubaneswar: The Justice MM Das Commission of Inquiry, which is probing the multi-crore chit fund scam in Odisha, today informed that it will take around 2-3 years to identify all the affected small investors. After submitting its sixth interim report to the state government, Justice MM Das, while addressing a press meet, informed that 50% […]

Kolkata Police chief grilled by CBI for eight hours, Trinamool ex-MP summoned

Shillong: Kolkata Police Commissioner Rajeev Kumar was on Saturday questioned for eight hours by the Central Bureau of Investigation (CBI) here in the chit fund scam, and has been asked to appear again on Sunday for further examination. Former Trinamool Congress MP Kunal Ghosh, who was arrested in November 2013 in connection with Saradha and […]

Chit fund depositors threaten stir after probe panel extends deadline

Bhubaneswar: With the Justice MM Das Commission of Inquiry probing the multi-crore chit fund scam in Odisha extending the deadline for receipt of affidavits from depositors duped by chit fund companies to January 31, duped depositors have now threatened to launch a stir if their money is not returned by February. The Commission’s deadline was […]

Senior Kolkata journalist arrested by CBI in chit fund case

Kolkata: The Central Bureau of Investigation on Thursday arrested Suman Chattopadhyay, editor of a leading Bengali daily, in I-Core Group chit fund scam, an official said. Chattopadhyay had allegedly received money in his bank accounts from the chit fund firm, the agency’s spokesperson Abhishek Dayal said. Chattopadhyay, also a director in Disha Productions and Media […]

Gujarat MLA Jignesh Mevani
Jignesh Mevani alleges BJP-BJD nexus over Rafale

Bhubaneswar: Gujarat Vadgam MLA Jignesh Mevani launched a scathing attack on the BJP-led Central government and the BJD-led Odisha government alleging that there is a secret nexus between both the parties. Targeting the ruling-BJD during a public meeting at Swadhinata Sangrami Ground in Bhubaneswar on Tuesday, Jignesh alleged that the Odisha government failed to provide […]

'Chit fund' company dupes Rs 10 crore in Jeypore

Koraput: Another instance of a chit fund company duping depositors of crores of rupees has come to fore in Jeypore town of Koraput district. According to reports, a company -Sunshine Infra Build Corporation Limited has allegedly duped to the tune of Rs 10 crores from hundreds of depositors in Koraput district through its various attractive […]

Suspended BJD MP alleges discrimination in party

Bhubaneswar: Suspended BJD MP Ramchandra Hansdah on Monday brought serious allegations against the party over withdrawal of his suspension. “I am a leader from tribal-dominated region. Had I been a leader representing coastal Odisha, the suspension would have been revoked by now,” said Hansdah. However, the BJD refused to comment on Hansdah’s allegation. “I have […]

Ponzi firm dupes several people displaced by Lower Indra project

Nuapada: Chaouban Majhi, a resident of Sanbahal village is now running from pillar to post after he lost all his savings to a ponzi company. Majhi, who was reportedly displaced by the Lower Indra project, had deposited the compensation money in Vista Management Services Limited. “I had deposited Rs 2 lakh in Vista after its […]

Chit fund scam: Public notice to 184 ponzi firms

Bhubaneswar: Justice M M Das Commission, probing into the multi-crore chit fund scam in Odisha, today issued public notices in local newspapers asking officials of 184 companies to appear before it either in person or through their lawyers. The newspaper advertisement came after notices sent to these firms through registered post returned to the Commission’s […]

Berhampur chit fund
Chit fund scam resurfaces to haunt people in Odisha

Berhampur: There seems to be no end to duping by chit fund companies in Odisha. Even as such frauds continue to create headlines time and again, people still continue to fall prey to greed of high returns. Residents in Berhampur have come out with allegations of  being duped by a non-banking financial company named Datum. […]

Depositors duped of crores in Balasore, Bhadrak

Balasore/Bhadrak: A complaint has been filed against a private firm for duping depositors of crores of rupees in Balasore and Bhadrak districts. People of Bhaskarganj and Soro in Balasore and Bhadrak have brought such allegations against a firm – Hi-Tech Regional Cooperative, which started operations in the area in 2011. As per the complaint filed […]

CBI arrests Nirmal Infra CMD, GM in Rs 433 crore fraud

Bhubaneswar: The Central Bureau of Investigation (CBI) on Tuesday arrested the CMD and the General Manager of Nirmal Infra Ashish Chouhan and Abhisekh Chouhan respectively in connection with Rs 433 crore fraud. As per reports, the duo had been absconding since months. The CBI sleuths, acting on a tip-off, managed to arrest them after they […]

OPID Court
Chit fund scam: Judicial panel tenure extended by 6 months

Bhubaneswar: The Odisha government has extended the tenure of the judicial commission probing into the multi-crore chit fund scam by next six months with effect from February 5. A notification in this regard was issued by the Home department here on Saturday. “Tenure of Hon’ble Justice (Retd.) M M Das Commission of Inquiry on unauthorised […]

Rose Valley Chit Fund Scam: ED searches yield Rs 40 cr-worth precious stones, gold

Kolkata: The Enforcement Directorate (ED) on Thursday claimed it has found incriminating documents, gold ornaments and precious stones worth Rs 40 crore during searches at showrooms of Adrija Gold Corporation in connection with the Rose Valley chit fund case. “ED recovers and seizes incriminating documents, 72 kg of 22 carat and 18 kg of 18 […]

Chit fund dupes duped investors, again!

Cuttack: As if their existing woes were not enough, duped investors of a chit fund company were hoodwinked once again by the same company, albeit in a different manner. According to sources, a chit fund company named AM Fund Managers had informed the Justice MM Das Commission of Inquiry probing the chit fund scam that […]

Nabadiganta scam: After 3 yrs in jail, ex-BJP MLA Hitesh Bagarti granted bail

Cuttack: After remaining behind bars for almost three years, former MLA Hitesh Bagarti will walk out of the jail as Orissa High Court granted him conditional bail today in connection with Nabadiganta chit-fund scam. The court directed him to deposit a sum of Rs 2 lakh for the bail. Bagarti, a former legislator of BJP […]

Chit fund scare returns to haunt depositors

Bolangir: At a time when scores of chit fund firms like AT & Seashore are facing CBI action with their officials cooling heels in jail for duping lakhs of innocent depositors, new ponzi firms are still emerging to target gullible investors in Odisha. As per sources, Adarsh Cooperative Societies Limited, a Gujarat-based mobile banking company […]

Chit fund link: CBI grills arrested BJD MLA Pravat Biswal

Bhubaneswar: The Central Bureau of Investigation (CBI) on Wednesday grilled BJD MLA Pravat Biswal, arrested on Tuesday in connection with his alleged links with chit fund firm Seashore Group, amidst protests by the ruling party activists in front of the probing agency’s state headquarters here. In order to prevent law and order situation, the twin […]

BJP targets Prasanna Acharya, asks Naveen to clear stand on chit fund issue

Bhubaneswar: Raising questions on the modus operandi of the Naveen Patnaik-led BJD government in bringing people involved in chit fund case to book, the BJP today targeted BJD’s Rajya Sabha member Prasanna Acharya and alleged that the ruling party is trying to shield the culprits for vested interests. At a press meet at the party […]

EOW arrests founder of Sai Pragati chit fund firm

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch (CB) on Tuesday arrested Kamalakant Pattnaik, founder of chit fund company Sai Pragati, accused of duping investors of crores of rupees. Pattnaik, who works as a traffic inspector in Transport Department was arrested from Bhubaneswar today. According to sources, the EOW took up the probe after […]

AT chit fund scam: ED grills MLA Pravat Tripathy

Bhubaneswar: The Enforcement Directorate (ED) sleuths today grilled Banki MLA Pravat Tripathy for more than four hours in connection with the Artha Tatwa (AT) chit fund scam. According to sources, the legislator was questioned on the transactions made in his bank account with the tainted AT chit fund firm. The MLA said he presented the […]

Vow of silence breaks: Baripada family speaks up!

Baripada: The family of Bartana village under Rasagobindpur block in Mayurbhanj district has finally broken its silence revealing that it was not witchcraft that forced them to a self-inflicted silence. Revealing the reason behind the family’s vow of silence, the elder son of the family Pradeep Ram said the family lost its entire savings in […]

Nabadiganta scam: HC breather for Subarna Naik

Cuttack: After two and half years in jail, former MLA Subarna Naik will finally walk free as High Court today granted him conditional bail in Nabadiganta chit fund scam. The court granted him bail against two sureties of Rs 2 lakh each. The court has also directed the accused to deposit a cash surety of […]

arun jaitley
Govt drafting central law to deal with chit fund schemes: FM

New Delhi: The government is drafting a central law to protect people investing in chit fund schemes and will bring the legislation very soon to Parliament, Finance Minister Arun Jaitley said today. Replying to a debate on ‘The Banking Regulation (Amendment) Bill, 2017’ in the Lok Sabha, he said there is a need for a […]

Dubious poll funding: CM Naveen terms allegations malicious, hints at legal action

Bhubaneswar: Terming the allegations of discrepancies in poll funds as malicious and fabricated, Odisha Chief Minister Naveen Patnaik today said BJD will take legal action in the matter. After returning from his 5-day New Delhi tour to attend the 200th anniversary of Paika Rebellion on Sunday, Naveen admitted to conspiracies being hatched to malign the […]

Seashore scam: SC grants bail to director Pravat Das

Bhubaneswar: The Supreme Court today granted bail to Pravat Das, director and brother of the Chief Managing Director (CMD) of the Seashore Group of companies in the multi-crore chit fund scam case. Hearing the bail plea of Das, the Supreme Court criticised the Central Bureau of Investigation (CBI) for its slow pace of probe into […]

CB starts investigation into mining trader's chit fund links

Cuttack: Odisha Crime Branch (CB) has started an investigation on chit fund links of mining trader Pravanjan Mohanty. While CB is planning to take Mohanty on remand, he will be interrogated in both forgery and chit fund case informed Special DG of Crime Branch BK Sharma today. Mohanty, the managing director of JBS Mineral and […]

sudip bandopadhyay
Sudip Bandyopadhyay discharged from hospital, flies back to home

Bhubaneswar: After remaining under judicial custody for over four months, Trinamool Congress MP Sudip Bandyopadhyay, who was granted conditional bail from Orissa High Court on Friday in connection with Rose valley chit fund scam, returned to his home today. The Parliamentarian, who was under treatment since January 20, flew back to his home town Kolkata […]

Ponzi scam: Court awards 3 yr jail term to Nabadiganta chief, 4 yr to Real Tulip chief

Bhubaneswar: The Special CBI Court on Friday awarded four year jail term for Real Tulip India Ltd (RTIL) including Managing Director Tirtha Haldar. Besides, the court also sentenced four other directors of the company– Dipankar Ghosh, Malay Halder, Prasenjit Sil and Malay Kumar Guha to undergo a three year jail term. In its verdict, the […]

Shah Rukh Khan in Prayag chit fund promotion, CBI to probe Odisha link

Bhubaneswar:  Bollywood’s chit fund link has now come to the fore with several actors found to have promoted Prayag group that duped hundreds of investors in West Bengal. From Shah Rukh Khan to Soha Ali Khan, several actors had promoted Prayag group’s ventures. According to reports, Shahrukh Khan had endorsed the Rs 1,000 crore film […]

chit fund
More trouble for BJD MP Hansdah as Naba Diganta chief accepts charges

Bhubaneswar: Things seem to be getting worse for BJD’s Mayurbhanj MP Ramchandra Hansdah as Anjan Baliarsingh, the chief of scam-tainted Naba Diganta chit fund firm on Tuesday pleaded guilty to the charges of cheating investors in the State. Highly placed sources said, Baliarsingh, while appearing before the Special CBI court here admitted guilt to all […]

special court
Court orders auction of properties of ponzi firm

Berhampur: A special court here, designated to hear cases related to chit fund scam, today ordered public auction of properties of a ponzi scheme firm. Special Judge P K Patnaik pronounced the order on a plea filed by additional district magistrate (ADM), Ganjam, Saroj Mishra seeking the court’s permission to sell the properties of Katloon Management […]