Post News Network
Bhubaneswar, Sept 15: The Economic Offence Wing (EOW) of Crime Branch Thursday arrested Kailash Chandra Sethy, chief of Katloon Management and Financial Services Pvt Ltd, a firm which has allegedly duped depositors of over `5 crore.
According to reports, the company was registered at Registrar of Companies, Cuttack in November 2010 and had opened its branches in Bhubaneswar and Ganjam.
A man, Ramakrushna Pani, had lodged a complaint against the firm at Buguda police station alleging that it had duped many depositors to the tune of `5 crore by promising hefty returns on deposits.
The EOW arrested Sethy at Cuttack railway station on the basis of the case (No. 18 dt 22/07/2015), sources said. The arrest was made under sections 120-B/406/420/467/468/471 of IPC r/w sections 4, 5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978, and section 6 of Orissa Protection Interests of Depositors (OPID) Act, 2011.
Aswini Kumar Nayak, one of the directors of the company, was arrested by Ganjam police in July 2015.