By Bizodisha Bureau, Bhubaneswar, May 1, 2016 : Economic Offence Wing (EOW) of the Odisha Crime Branch on Sunday arrested Subash Srichandan, one of the directors of a Ponzi firm Ashirbad Multipurpose Cooperative Ltd on charges of duping gullible investors of about Rs 10 crore promising them high rates of interest on their deposits.

Earlier in January last, EOW had arrested Chief Executive Officer (CEO) of Ashirbad Multipurpose Co-Operative Limited and Managing Director of its sister concerns Ashirbad Multi Trade Pvt. Ltd., Ashirbad Multitech & Infracon Ltd., Ashirbad Goat Rearing India Ltd., and Ashirbad Future Care Swetang Patnaik from Keonjhar.

Based on a complaint by one Deepak Kumar Baral of Kantapada under Olatpur police station limits, a case was registered against the Ponzi firm.

Later, EOW took over the investigation following the orders of High Court.

Swetang Patnaik and other Directors of the company had unauthorizedly collected public deposits to the tune of Rs 10 crore promising a high rate of interest.

However, the company shut down its office without repaying the investors or refunding the invested amount to the depositors.