By Bizodisha Bureau, Bhubaneswar, November 14, 2015 : Economic Offences Wing (EOW) of the Odisha Crime Branch has arrested the chief of a Ponzi firm from Nasik city in Maharashtra for allegedly duping investors of crores of rupees, official sources said on Saturday.

Dayanidhi Mohapatra, the managing director (MD) of Tresty Securities Limited, has allegedly swindled Rs 10 crore from investors promising them hefty interest rates on their investment.

The company was engaged in fund mobilization activity through issue of preference shares to more than 49 investors mostly from in Baleswar, Bhadrak, Soro and Betanati promising high returns on their invested amount and without complying with the provisions of the Companies Act, 1956, – Securities and Exchange Board of India [SEBI].
Several investors had registered complaints with the SEBI alleging non-payment of their invested money in redeemable preference shares issued by Tresty Securities Limited.

The accused was produced before the court of Chief Judicial Magistrate in Nasik and was being brought to Bhubaneswar on transit remand.

Earlier in March this year, Securities and Exchange Board of India (SEBI), had passed an order against Tresty Securities Ltd directing it not to mobilize funds from investors and the company and its directors were prohibited from issuing prospectus or any offer document or issue advertisement for soliciting money from the public for the issue of securities, in any manner whatsoever, either directly or indirectly, till further directions.