3 directors of Sai Gayatri chit fund company arrested by EOW

Cuttack: The Economic Offences wing of State Crime Branch today arrested three directors of Sai Gayatri chit-fund company from different parts of the State.

They are Laxmikant Padhi and his wife Abanti of Soro in Balasore district and Durga Prasanna Tripathy of Konark in Puri district. They have been booked under section 120-B,420,406,467,468,471, of IPC and other sections of Prize Chits & Money Circulation Schemes (Banning) Act, a statement issued by the Crime Branch said.

All the arrested persons will be produced before a designated court in Balasore today, it added.

They used to collect money from the public unauthorisedly through their offices at Basudevpur, Bhadrak town, Soro, Simulia, Balasore, Khaira, Baripada and Keonjhar.

They have collected the unauthorised money to the tune of Rs 5 crore by assuring high rate of interest ranging from 18% to 25 %, the statement further read.

Later, they closed down their offices without paying the interest as well as the principal amount of the depositors thereby misappropriating the amount, the EOW release said.

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