BHUBANESWAR: Ashirbad Multi-purpose Cooperative Ltd director Subas Shreechandan was on Sunday arrested by economic offence wing (EOW) of Crime Branch on charges of defrauding Rs 10 crore from depositors in the state.
Earlier, two directors of Ashirbad Multi-purpose, a chit-fund company, were arrested for duping investors.
ON January 3 this year, Swetang Patnaik, chief executive officer (CEO) of the chit fund company was arrested from Keonjhar on charges of duping depositors of Rs 10 crore.
EOW sources said the directors of the company had collected money from gullible depositors by promising a high rate of interest.
However, the company in due course closed down its office without refunding any money to the depositors. The aggrieved depositors lodged FIRs against the company at several areas for duping them.
Ashirbad Multipurpose Cooperative had floated several schemes through its sister concerns like Ashirbad Multi Trade Pvt Ltd, Ashirbad Multitech & Infracon Ltd, Ashirbad Goat Rearing India Ltd and Ashirbad Future Care.