However, the accused closed down the loan apps after law enforcement agencies in the country launched a crackdown against them.
The EOW is trying to ascertain where the prime accused stashed the ill-gotten money, with chances of him moving the cash overseas through the Hawala route not ruled out.
The company had organised a grand celebration at a luxurious hotel in Goa last week which was attended by actor Govinda along with over 1,000 members.
The agency had earlier arrested Acharya, while his two associates - Samaresh Ranjan Das and Hemanta Panda were nabbed on Saturday.
The accused managed to get the subsidy amount to the tune of around Rs 7.16 crore released in favour of beneficiaries.
However, the officials of the firm neither handed over the flats nor refunded the money of the investors.
EOW said iServeU had extended its unified payments interface-application programming interface (UPI-API) to Payone to provide digital payment services.