Balasore: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested a chit fund fraudster for allegedly duping several investors of crores of rupees.
The accused has been identified as Nilesh Kar, a resident of Angaragadia area of Balasore district.
Nilesh was working as the district head of a chit fund company.
Sources said he allegedly lured people with false assurance that they can get Rs 49 per week after investing Rs 50 in the company through an app named Cloudpot.
He allegedly collected crores of rupees from several people across Odisha.
The matter came to the fore after one Nimai Charan Jena, who has invested Rs 2.50 lakh in the company, lodged a complaint with the police after he did not get the weekly return as per the assurance given to him by Nilesh.
Acting on the complaint, the EOW launched a probe into the matter and arrested Nilesh.
Nilesh has a deposit of Rs 50 lakh in his account, said an EOW source.