Post News Network
Bhubaneswar, May 17: The economic offences wing (EOW) of Orissa Crime Branch (CB) Sunday arrested Deba Kumar Panda, the managing director of chit fund company Vista Management Services Limited for swindling funds to the tune of `50 crore.
Panda, who hails from Kalahandi, was nabbed from the railway station here while he was leaving for Visakhapatnam by Bhubaneswar-Tirupati Express to board a flight to Singapore, CB officials said.
“After apprehending Panda, we seized his passport, visa, air ticket, hotel booking receipt,” the CB officials added.
A case in this regard has been registered and Panda will be forwarded to a designated court in Cuttack. ‘‘The investigation is on and we are trying to verify the possible involvement of other persons in the case also,’’ the officials further said.
Sources said the CB officials recovered some American and Singapore currencies from Panda’s possession.
Panda was arrested on the basis of a complaint lodged by investors of Western Orissa April 23, 2015.
Panda had launched the ponzi firm in 2008-2009 and opened its corporate office at Cuttack Road here. He had opened offices in Kalahandi, Bolangir, Sambalpur, Jharsuguda, Sundergarh and Ganjam districts.
Panda had then allegedly duped investors of Rs50crore by floating various schemes on the pretext of providing heavy returns on the deposits.
The fraudulent activities of the firm were also highlighted by the leader of Opposition in the Orissa Assembly recently. The leader had brought to notice the company’s illegal activities in Bolangir and Kalahandi. He had alleged an MLA and an MP of the ruling party are associated with the tainted ponzi firm and that the chit fund company is still continuing to dupe depositors in Bolangir district.