Bhubaneswar, Nov. 14: The economic offences wing (EOW) of the state crime branch arrested the managing director of Tresty Securities Limited, a money deposit collection company that had allegedly cheated investors of Rs 10 crore by assuring them of high rates of interest.

The accused, Dayanidhi Mohapatra, 33, who was arrested from Nasik in Maharashtra yesterday, was today brought to Bhubaneswar on transit remand.

Sources said Mohapatra, a native of Bhadrak district, used to work as an agent for a bus service before starting the Ponzy firm in 2011. He then allegedly went on to amass huge amount of wealth and got himself a four-storey building.

EOW officials said that the firm had its main office in Bhubaneswar and branch offices in Bhadrak, Balasore and Mayurbhanj districts.

"Preliminary investigation revealed that the fraudulent company has invested the depositors' money in a reputed transport agency and a group of hotels. The EOW had been conducting raids to nab Mohapatra," said an official.

The company shut down its offices in 2013 when it failed to return the principal amount of the depositors. The EOW had registered a case in May this year on the basis of a complaint filed by a depositor identified as Gopal Majhi.

Three arrested

Police last night arrested three persons, including an engineering graduate, on the Bhubaneswar-Puri bypass road when they were planning to commit a robbery in the area. The police have seized a country-made revolver, five live bullets and a stolen motorcycle from the accused.