Bizodisha Bureau, Bhubaneswar, May 29, 2015 :

CB officials said Singh began his fraudulent business here way back in 2011 and launched a construction company and later opened branch offices of the company in several other places.

He collected small deposits in the name of the company from investors in Khordha and Puri districts by floating various schemes. He promised gullible investors to double the amount on their deposited money, the CB sources said.

Subhransu later shut down all his offices following the Supreme Court’s order to hand over the chit fund scam cases to the CBI for investigation.

The EOW registered a cheating case against the accused and company in January this year after acting on the complaints lodged by a group of cheated investors.

EOW is on the lookout for other directors of the company, which is learnt to have invested the depositors’ money in the share market, sources in the agency said.