Topic result for chit-fund-scam

The charges were framed against former Choudwar-Cuttack MLA, Prabhat Biswal and his wife Laxmibilasin for their alleged involvement in the multi-crore chit-fund scam.  

The bizarre state of affairs exposes the state government’s tall claims of refunding the money of the duped investors. The affidavits and other important documents have been rotting in the Buxi Bazar-based office.

Sashikant floated a Ponzi scheme and promised the investors in his village and around Aul to double whatever money they deposit in the scheme, in three months.

Kar was arrested based on the complaint filed by one Mahamanya Jena of Sahadebkhunta area in Balasore district. The complainant had alleged that Kar had induced him to invest in an App/website- ‘Cloud-Fut’ for earning extra money.

So far, the enforcement agency has attached both moveable and immovable assets of the ponzi firm worth Rs 1,171 crore.

Following the allegations, the Economic Offences Wing (EOW) arrested Nilesh. He has been sent to judicial custody.

The Supreme Court of India had also asked the Odisha government and the CBI to submit a report on the steps taken to refund the money of the chit fund beneficiaries in the State.

Notably, the alleged involvement of some leaders of the BJD including Jena in the multi-crore ponzi scam came to light after the national probe agency took over the case in May 2014. The Supreme Court of India had directed the CBI to investigate the matter.

The court has asked the CBI not to linger the case anymore.

While the chit fund beneficiaries are still waiting desperately to get back their hard-earned money, the appointment of amicus curie has rekindled their hope. 

During investigation, the police found that out of the collected amount, during the year 2011-12, a sum of about Rs 1.83 crore has been diverted to the account of Jetex Oceanair Pvt. Ltd

The Supreme Court on Tuesday asked the Odisha govt and the CBI to submit a report on the steps taken to refund the chit fund money to the beneficiaries.

Hearing a writ petition, a two-judge bench chaired by Justice MR Saha and Justice Krishnamurari conveyed their dissatisfaction on the delay in refunding money to the beneficiaries and directed the Odisha government as well as the CBI to submit a report on the development of the case.

Taking exception to it, Opposition Chief Whip Mohan Charan Majhi accused the Speaker and government of trying to kill democracy. 

The Enforcement Directorate on Saturday attached property of over Rs 3.92 crore belonging to former Cuttack-Choudwar MLA Pravat Biswal in connection with money laundering case.

Prince Kumar, a resident of Muzaffarpur in Bihar, has been accused of forging documents and misappropriating Rs 1.5 crore from investors in Odisha.

The HC found the competent authority has already kept a sum of Rs 48.16 crore in its pocket. 

The accused has been brought to Odisha on transit remand and will be produced before the designated chit fund court in Balasore today. 

Sarat Kumar Nayak and Prabhat Ranjan Das associated with M/s Auroxa Deal Multitrade (OPC) Pvt. Ltd were arrested from their residences in Balasore district.

Notifications putting reward on the heads of three wanted fugitives was issued by the Economic Offences Wing (EOW) of the Odisha Crime Branch on Monday