BHUBANESWAR: The Economic Offences Wing (EOW) of Crime Branch has arrested the chairman and managing director of Mass Infra Realty Limited Pratap Kumar Biswal from Kolkata’s New Garia area for allegedly cheating investors in Odisha to the tune of Rs 15 crore.
Biswal was arrested on Sunday. He was produced before Chief Judicial Magistrate in South 24 Parganas and brought on transit remand to Odisha on Monday. The accused was produced before a designated court in Balasore under the Odisha Protection of Interests of Depositors (in Financial Establishments) Act.
EOW had registered a case against Biswal and the company’s six other directors on August 30, 2019 based on the complaint of Sukadev Hota of Balasore district’s Soro. Hota had alleged that the accused collected crores of rupees from people under the company’s various schemes on the promise of providing them higher returns.
Investigation revealed that Mass Infra was registered with Registrar of Companies, Kolkata in September 2010, and had its registered office under Barasat police limits in West Bengal. In 2012, the firm’s name was changed to Human Welfare Credit and Thrift Co-operative Society Limited and registered under the Multi-State Co-operative Societies Act. Human Welfare Credit’s registered office was at Laxmi Nagar in Delhi and Biswal was its president.