Post News Network
Tangi (Khurda), April 1: Police Tuesday arrested a ponzi firm chief on the charge of duping Oriya slum dwellers in Gujarat as well as investors here of Rs 205 crore. Accused Dibakar Paikaray, a high school teacher and a native of Baranggadia village under Ranpur police limits in Nayagarh district was produced in a court after his arrest.
Police said Paikaray launched a ponzi firm named Utkal Bharati Realcon Ltd and defrauded slum dwellers in Gandhidham of Gujarat of Rs 200 crore by promising them to double their invested money in two years.
Similarly, he also opened a branch office of his firm at Mangalajodi in Tangi and duped locals of Rs 5 crore. He shut down his office and vanished along with his staff after the maturity time of his schemes drew near. The matter came to the fore after an agent Pradip Kumar Mohapatra and 50 others lodged complaints with the Crime Branch and in Tangi police station.
Tangi police, except registering a case, were silent on the matter but woke up when the director general (DG) of police pulled them up after depositors gheraoed the Crime Branch office. The issue acquired serious proportions after Gandhidham police registered a case and made visits to the state to arrest the accused. Paikaray is also alleged to be operating another ponzi firm that goes by the name of Oscar in Orissa.