MLM / Chain Money
Ponzi scam: Sudipta Sen's close aide arrested
A close aide of ponzi scam tainted Saradha group chief Sudipta Sen, was arrested by the Central Bureau of Investigation from the bustling Sealdah station here on Tuesday, an agency official said.
 
Arindam Das, alias Bumba, was alleged to be mentoring the "illegal" operations of the Saradha group in the South 24 Parganas district of West Bengal, a CBI spokesman said.
 
Das was earlier arrested in mid 2013 when the ponzi farm scam came to light, but got bail after a month.
 
He had gone into hiding since August 2014 after CBI had called him for examination.
 
Later in the day, Das was presented in court, which sent him to CBI custody for seven days.

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Odisha court directs auction of chit fund firm properties

The court in Cuttack asked the concerned officials of the state government to confiscate and sell the seized properties of the chit fund company

 

A court in Odisha on Monday directed the state government to sell the attached properties of chit fund firm Safex Infra India through public auction and distribute the sale proceeds among the depositors equitably.
 
The court in Cuttack asked the concerned officials of the state government to confiscate and sell the seized properties of the chit fund company.
 
In its order, the court told the government to confiscate about 14 acres of land and bank deposits over Rs.5 lakh and distribute them among the depositors.
 
The company was operating from Berhampur in Ganjam district.
 
The Economic Offences Wing (EOW) of the Crime Branch in January this year sought permission from the finance department for liquidation of the assets of Safex Infra for refund of money to duped investors as per the provisions of the Odisha Protection of Interests of Depositors (in Financial Establishments) Act, 2011.
 
The Crime Branch raided offices of the chit fund company in Berhampur, Chhatrapur and Bhubaneswar in 2012 following allegations by depositors that the firm had cheated them of around Rs.10 crore on the promise of high returns.
 
Police then arrested six company officials for allegedly cheating people in the state.
 

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Chit fund firm boss held in Odisha
Odisha's crime branch (CB) team on Sunday arrested the managing director of Vista Management Services Ltd. in connection with a multi-crore-rupee chit fund scam in the state.
 
The Economic Offences Wing (EOW) of the crime branch arrested Deb Kumar Panda, managing director of the chit fund company, for duping depositors of about Rs.50 crore, superintendent of police of EOW Rajendra Patnaik told reporters here. 
 
He said Panda was arrested from the Bhubaneswar railway station while leaving for Vizag for a flight to Singapore. 
 
The police also seized his passport, visa, air ticket, hotel booking receipt and some foreign currency from his possession. 
 
The crime branch arrested the accused on the basis of a complaint lodged by several depositors from western Odisha on April 23 this year. 
 
Panda, who began operating the chit fund company in 2008-2009 in the state, is alleged to have duped depositors of about Rs.50 crore by floating various schemes and promising lucrative returns. 
 

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