Bhubaneswar, Jan. 3: The economic offences wing (EOW) of the crime branch today arrested the chief executive officer of Ashirbad Multipurpose Co-Operative Limited, a deposit collection company, on the charge of duping investors of Rs 10 crore.
The investigating agency today arrested Swetang Patnaik from Keonjhar. He was absconding since 2014.
The police said that the accused had also floated sister companies - Ashirbad Multi Trade Pvt Ltd, Ashirbad Multitech and Infracon Ltd, Ashirbad Goat Rearing India Ltd and Ashirbad Future Care - and had collected investments promising high interest.
"The fraudulent firm had its head office at Delta Square in Bhubaneswar. The company had collected investments between 2010 and 2014. Most of the investors belonged to Cuttack, Khurda, Puri and Jajpur districts," said an EOW official.
The case was initially registered at Olatpur police station in Cuttack after Sarat Chandra Baral of Adaspur lodged a complaint. Later, Orissa High Court ordered the EOW to take up the probe following which the investigating agency registered a case in November last year.
The accused was arrested under sections 406 (punishment for criminal breach of trust), 420 (cheating), 120B (punishment of criminal conspiracy) of Indian Penal Code and Section 6 of Odisha Protection of Interests of Depositors (in Financial Establishment) Act.
In another related development, Nayapalli police today arrested a city-based builder on charges of duping investors of Rs 1.5 crore on the pretext of providing them land. The cops today nabbed Arkat Das, the managing director of Arohan Infrastructure.
"He has allegedly duped several customers promising them land in a prime locality in Bhubaneswar. He was also involved in similar cases lodged in Mancheswar police station," said a police officer.
Man beaten to death
A 38-year-old businessman was today allegedly beaten to death by a group of youths near a private engineering college at Sunderpada on the city outskirts. Police suspected the incident to be a fallout of a past rivalry.
Eyewitnesses said that a group of youths chased the deceased identified as Susant Mishra, a Pipili-based small-time trader.
"He left his motorcycle and ran for cover. But the attackers thrashed him with wooden planks and iron rods. He was lying on the road and profusely bleeding for more than an hour. Though we contacted Pipili police station, they did not respond," said an eyewitness.
After the Pipili police failed to reach the spot on time, the nearby Airfield police station sent a PCR van and the injured was rushed to the Capital Hospital. Mishra was later shifted to SCB Medical College and Hospital in Cuttack where he succumbed to his injuries. The police have started an investigation into the matter.
