Post News Network
Balasore, Feb 1: Even as the Central Bureau of Investigation (CBI) is carrying out its investigation into the multi-crore chit fund scam in the state, another alleged fraud in this district has come to the fore. Police Saturday registered a case against IIM Marketing Limited, a ponzi firm, following a complaint and arrested its director Dibya Keshari Mohanty at Mathasahi.
Balasore DSP (Crime) Amaresh Panda said Nirakar Sahu of Mansingh Bazaar had lodged a complaint against IIM Marketing Limited January 30, alleging that the firm had tricked him into investing `20,000 in one of its schemes. Sahu had deposited the amount November 22, 2010, with promise of a monthly return of `200 for five years. He was also given a receipt against the deposit. The principal amount was to be returned after five years. Sahu alleged that the company gave him interest of `200 for three months and then stopped it. When asked about it, the director kept on delaying the payment, Sahu alleged in his complaint.
According to reports, the company had started its operation in November 2009 with its office at Chidiapal and then two other offices at Soro and Bhadrak. By May 2013, the company had collected lakhs of rupees from thousands of people. In the meantime, the police started raids on chit fund firms across the state. IIM Marketing Limited then closed its operations and did a vanishing act overnight, leaving thousands of investors high and dry. In the complaint, Sahu claimed that the firm’s director has been on the run. A day after receiving the complaint, IIC of Town police station Bijay Kumar Murmu registered a case against Mohnaty under Sections 420, 120B and 34 of the IPC; Sections 1, 2, and 3 of the Prize Chits and Money Circulation (Banning) Act and several other sections of the OID Act-2011.
The police arrested Mohanty from his residence. The police have also seized important documents
related to ponzi operation and
a computer.
A preliminary investigation found that the chit fund company has swindled over `one crore from investors in various parts, the
DSP said.