BHUBANESWAR: Twin City Police Commissioinerate on Monday held SLB Group Director Bairi Ganjan Das on charges of mobilising crores of rupees from investors and duping them.
A group of investors as well as agents of his company spotted Das near CRP Square and demanded their deposits. He was subsequently handed over to Nayapalli police.
According to Nayapalli IIC Sauryamani Pradhan, Das had allegedly floated money circulation schemes in six districts through which he had mobilised over Rs 15 crore. The investors were assured that they would be paid interest at the rate of 11 per cent. However, Das allegedly went back on his words.
Police also informed that earlier, cases were registered against Das in Mayurbhanj and Balasore districts too.
In December last year, the Securities and Exchange Board of India (SEBI) had barred SLB Invest (India) Ltd from mobilising funds from investors and prohibited it and its directors from accessing the securities market.
The market regulator had found that SLB had mobilised Rs 5.22 crore from 1,436 investors by issuing redeemable preference shares (RPS) which, according to SEBI, was ‘prima facie’ violation of the norms.
Since SLB’s issue was allotted to more than 50 people, it was considered a public issue of debt securities which necessitates compulsory listing on a recognised stock exchange as per norms. The rules also required SLB to file a prospectus which it failed to do.
The SEBI had also asked SLB and its directors not to dispose of any of the properties or assets acquired by the company through issue of redeemable preference shares without prior permission from the regulator as well as not to divert the funds raised from public.