STOCK MARKET BSE NSE

Ponzi Scam: Sai Pragati Group Director Arrested

Published: 26th October 2014 06:03 AM  |   Last Updated: 26th October 2014 06:03 AM   |  A+A-

BHUBANESWAR: The Economic Offences Wing (EOW) of the Crime Branch has arrested Udaya Kumar Dalei, director of Sai Pragati Group, a non-banking financial company (NBFC), from his native village Parjang in Dhenkanal district. Dalei was absconding since quite some time.

Sai Pragati had defrauded hundreds of depositors of several crores of rupees by floating attractive schemes with offers of lucrative returns on deposits.

The Crime Branch had investigated the matter after depositors lodged a complaint with the Capital police station here in March, 2012 and had seized Rs 2.77 crore cash.

The EOW had earlier arrested managing director of the company, Debasish Mohanty, and another director Ravishankar Nanda. Both are out on bail.


Comments

Disclaimer : We respect your thoughts and views! But we need to be judicious while moderating your comments. All the comments will be moderated by the newindianexpress.com editorial. Abstain from posting comments that are obscene, defamatory or inflammatory, and do not indulge in personal attacks. Try to avoid outside hyperlinks inside the comment. Help us delete comments that do not follow these guidelines.

The views expressed in comments published on newindianexpress.com are those of the comment writers alone. They do not represent the views or opinions of newindianexpress.com or its staff, nor do they represent the views or opinions of The New Indian Express Group, or any entity of, or affiliated with, The New Indian Express Group. newindianexpress.com reserves the right to take any or all comments down at any time.

IPL_2020
flipboard facebook twitter whatsapp