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Three Held in Ponzi Scam

Three Held in Ponzi Scam


BALASORE: Bhadrak police arrested managing director, area manager-cum-promoter and a director of a chit-fund company on Thursday for allegedly duping investors of crores of rupees. The company was into money circulation business through its eight branches in six districts of the State.


 


The accused are managing director of Milan Jyoti International Limited (MJIL) Sandhyarani Panda of Kuans, her husband Dasarathi Mishra, who was area manager-cum-promoter of the company and director Biswanath Padhi of Guamal village. They were produced in court which remanded them in judicial custody.


 


Police said the company had collected nearly `10 crores through its branches in Bhadrak, Balasore, Kendrapara, Puri, Bargarh and Sonepur districts. They had promised the investors high return within a short time. A case was registered against them during the State-wide raid by police and Crime Branch sleuths last year.

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  • 14 November, 2014
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