BERHAMPUR: Baidyanathpur police on Tuesday arrested the Managing Director of a ponzi firm for duping gullible investors by promising them high returns. City SDPO Bishnu Prasad Pati said the accused, Amiya Kumar Padhy, had opened a company named ‘Honeycomb Holdings Limited in 2009 and collected crores of rupees from people by assuring that their money would be doubled within eight months.
After the State Government’s crackdown on ponzi firms, Padhy closed his company’s office and assured the depositors that they will get back their money. However, he absconded and returned to the city on Monday.
Pati said basing on a complaint filed by one Prasant Kumar Subudhi of Binika in Sonepur district, who had invested around Rs 85 lakh in the ponzi firm, police arrested Pati. Police have been able to gather information on around 70 people who had invested in the firm. Further investigation into the matter is on.