Post News Network
Bhubaneswar, May 29: The Economic Offences Wing (EOW) of the state’s crime branch (CB) arrested the managing director (MD) of a construction company for allegedly swindling funds to the tune of several crores.
Subhransu Singh, MD of Sribhumi Constructions was apprehended by CB officials for cheating investors in Khurda and Puri districts on the pretext of providing them double the amount on their deposited money.
His arrest came after CB officials conducted a raid at his residence in Jaydev Vihar late Thursday night.
“Singh began his fraudulent business from his Jayadev Vihar residence in 2011 and then started a construction company. He later went on to open branch offices of the firm in several other places,” CB officials said.
“He started collecting small deposits from investors in Khurda and Puri districts by floating various schemes. He conned investors by promising them to double the amount on their deposited money,” the CB officials added.
However, after he shut down all his offices, several depositors lodged a complaint with the CB against Singh, following which the agency registered a cheating case in January, 2015.Singh will be produced in a designated court in Cuttack Friday.
