Three officials of Happy Life Realty India, a non-banking financial company, were arrested from Udala area of Mayurbhanj district. Police have seized a car and computer in which data of the company were stored. The accused persons - Debashish Mohanty of Baisinga, Jiban Kumar Das and Pranab Kumar Behera of Kaptipada area - were produced in the court which remanded them in judicial custody on Wednesday.
Police said the company which is accused of duping people had changed its name after Crime Branch raids on such companies across the State. The company was functioning at Udala college road.
According to the allegations, the company had collected crores of rupees from Mayurbhanj district with a promise to provide returns to the investors at an interest rate of 24 per cent per year. Authorities of the firm, however, closed down the office before the investors’ deposit terms matured. IIC of Udala police station Subrat Behera said directors of the company had been identified and they were suspected to have taken shelter in Kolkata. Recently, four officials of Roofers Infrastructure and Investment company, a chit fund firm, were arrested from Jaleswar for allegedly duping investors.