Post News Network
Bhubaneswar, June 15: The Economic Offence Wing (EOW) of Crime Branch (CB) arrested three directors of Oscar Group of Companies (OGC), a ponzi firm, Wednesday for their alleged complicity in defrauding `230 crore of public investors.
They arrested were identified as Taraprasad Hota, director of the company’s Surat branch, Kirtiranjan Bastia and Avani Patnaik. They were also charged with Orissa Protection of Interests of Depositors (OPID) Act, Prize Chits and Money Circulation Scheme (Banning) Act and for forgery under Indian Penal Code.
The company ran 48 branches in Orissa, 58 in Gujarat and six in Maharashtra before shutting down and decamping with investors’ money.
The trio was produced before Cuttack special chit fund court Wednesday and the Crime Branch sought remand of Hota for three days. The court granted it.
Meanwhile, the five-day remand of the company’s chief Pravas Rout also came to an end Wednesday and he was produced before the court. The Crime Branch sought three more days remand of Rout to which the court agreed.
