Bizodisha Bureau, Bhubaneswar, May 17, 2015 :

The Economic Offences Wing (EOW) of Odisha Crime Branch (CB) on Sunday arrested Vista Management Services Limited managing director Deb Kumar Panda for duping investors in Odisha of at least Rs 50 crore.

Panda launched the Ponzi firm in 2008-2009 opening its corporate office here and allegedly duped investors of Rs 50 crore by floating various schemes promising hefty returns.

Rajendra Patnaik, superintendent of police of EOW said Panda, who hails from Kalahandi, was arrested from the Bhubaneswar railway station while he was leaving for Vizag on Bhubaneswar-Tirupati Express to catch a flight to Singapore. The EOW also seized his passport, visa, air ticket, hotel booking receipt, he added.

Patnaik said Panda was arrested on the basis of a complaint lodged by investors of Western Odisha on April 23 this year.

The accused will forwarded to a designated court in Cuttack. “We are verifying the possible involvement of other person in the case,” he added.