Four arrested for duping investors

BHUBANESWAR: The Economic Offence Wing (EOW) of the Crime Branch arrested four persons for duping small investors of over Rs 2.5 crore in the State through their nonbanking financial institutions, said Crime Branch DIG Rajesh Kumar here on Wednesday.

The arrested persons were identified as Biswanath Behera, Trilochan Hota, Rabindra Barik and Jyotirmay Pradhan of the city. They had jointly opened four companies namely Utkal Bharati Trading house, Sri Utkal Bharati, Sanjog Bharati and Utkal Nirman to promote their business. To excel in business, the company had promised its investors to give highest interest on the deposits, but after few months the investors could not get return on their deposits.

When the company didn’t respond to their queries, around 60 investors on Tuesday lodged complaints at the EOW office here against the company directors. On the basis of the complaints, the EOW arrested the four from the city under section 420, 406, 465, 467, 468, 471, 120 (B) of IPC and section 4, 5, 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978. They were forwarded to the court on Wednesday, said the DIG.

The company which was started from 2001 and then seized its operation from 2010 had its office at Saheed Nagar area in the city.