Odisha Police nabs MD of Kolkata-based firm in chit fund case

Cuttack: The Managing Director of a company from Kolkata has been detained by the Economic Offences Wing (EOW) of the Odisha Crime Branch for allegedly participating in a chit fund fraud.

According to Sections 4, 4, and 6 of the Prize Chits and Money Circulation Schemes (Banning) Act, 1978, and Section 6 of the OPID Act, 2011, the accused Jaydeep Raha, MD of Jetex Ocenair Pvt Ltd, has been charged.

He was transported on transit remand to Odisha to be produced in the designated court under the OPID Act in Cuttack on Monday after being appeared before the Additional Chief Judicial Magistrate, Alipore, South 24 Parganas.

Raha was taken into custody after Subash Chandra Pradhan of Balanga in the Puri district filed a complaint.

Ambitious Diversified Projects Management Ltd, a chit fund company based in Kolkata, and OAK India Multistate Credit Co-operative Society, represented by its directors and members, had illegally amassed millions of rupees from investors in Odisha under the pretext of offering them a high rate of interest. They purportedly shut down their office after receiving the funds without paying either the main or interest sum. An EOW announcement claimed that between 2010 and 2014, the business defrauded 1,968 investors in Odisha out of more than Rs 2.62 crore.

Investigations discovered that Rs. 1.83 crore of the total funds had been transferred to Raha's current managing director OAK India Multistate Credit Co-operative Society's account. After failing to provide a convincing justification for receiving such a significant sum, he was detained.

In West Bengal, three cases have been filed against the chit fund company. Omkar Singh, the MD of the accused business, along with other directors Kunal Tiwary, Arshad Hussain, and Mringanka Sekhar Chakrabarty of Jetex Oceanair, were earlier taken into custody, according to the press statement.