BALASORE: The director of a non-banking financial company (NBFC) High-tech Regional Cooperative Limited (HRCL), Bijay Ketan Das, was arrested by Bhadrak Police from Balasore for duping thousands of depositors.
The arrest came following a case filed against him by a depositor, Suvendu Das, from Khaira area of Balasore district. Suvendu had alleged that he had invested `7.21 lakh in the company following a promise of getting double the amount in three years. When he wanted the money after completion of the time period, Das allegedly threatened him of dire consequences. Police had registered a case then and put the mobile of Das on tracking.
The company had opened its branches in Balasore and Bhadrak districts. Preliminary investigation reveals that agents of the company had mobilised `10 crore from 5,000 depositors in both the districts. The money was subsequently invested in opening an engineering college at Bhadrak and purchasing landed properties. The institution, Hi-Tech Engineering College was opened in 2009.
As the news of his arrest spread, a number of depositors gathered at the police station demanding their money back. They also lodged complaints against Das accusing him for duping them with the false promise of hefty returns in a short span of time.
Sub Divisional Police Officer, Sudhakar Jena said the accused is the chairman of the engineering college. He was produced in court that remanded him in judicial custody after rejecting his bail application.