Post News Network
Bhubaneswar, July 26: The Central Bureau of Investigation (CBI) Tuesday arrested former managing director and director of a ponzi firm in connection with the multi-crore chit fund scam investigation in the state.
CBI officials reportedly nabbed Midas Touch Group of Companies’ former managing director Soubhagya Kumar Samal and its former director Nirupama Samal from Gotri in Vadodara, Gujarat.
“The central agency had registered a case against Soubhagya, Nirupama and nine other officials of Midas for their alleged involvement in the chit fund scam in the state under sections 120-B, 406, 420 & 34 of IPC, and Section 4, 5, 6 of Prize Chits & Money Circulation Schemes (Banning) Act, 1978,” officials said.
“After investigating the matter, a chargesheet was filed April 17, 2015 against Soubhagya, Nirupama, and two companies of the group – Midas Touch Assets and Securities Limited and Midas Touch Realtech Limited based in Orissa under sections 120-B, 420, 409 of IPC and section 4, 5, 6 of Prize Chits & Money Circulation Schemes (Banning) Act, 1978, on charges of cheating the investors to the tune of `16, 88, 78, 000 and causing criminal breach of trust,” they added.
“Soubhagya and Nirupama were elusive since registration of the case in 2013. Special CBI chief judicial magistrate had then issued non-bailable warrants against them. CBI Tuesday traced and arrested the duo at Gotri with the help of Vadodara police. The duo was expected to be produced before the competent court at Vadodara for seeking transit remand to bring them to Bhubaneswar for production in the court of special CJM, Bhubaneswar. We are investigating the case under section 173(8) of CrPC,” officials further said.
Notably, Midas Touch was set up by Soubhagya in 2009. The firm had allegedly duped many investors of crores of rupees after promising hefty returns. The company had branches in and around Khurda, Chandikhol, Angul, Balasore, Berhampur, Sambalpur, Baripada and Jeypore.
