Home News Crime Branch Arrests chairman of Oscar chit fund firm in Delhi

Crime Branch Arrests chairman of Oscar chit fund firm in Delhi

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Bhubaneswar : Crime Branch sleuths arrested Oscar chit fund company chairman Prabhas Rout from Delhi on charges of duping gullible chit fund investors. The Economic Offence Wing (EOW) of the state probe agency is bringing Rout back to Odisha on remand for further interrogation, said BK Sharma, Special DG, Crime Branch.

Addressing media about the development, Sharma said, “The Ponzi company had around 100 branches spanning across three States; 50 in Odisha, 45 in Gujarat & five in Maharashtra. The firm’s five flats, 25 acre of land and bank A/Cs have already been seized.” The official stated that prior to this, Munna Patra, Managing Director of the company was arrested and his properties were seized.

According to Crime Branch sources, Rout was residing in a temple in Delhi in Hauz Khas area with fictitious name and has invested money in film productions. From preliminary investigations it is believed that the company has duped investors a tune of Rs 230 crore. Investigating officials said Rout is the owner of an Odia daily and has produced around four Odia movies. He is also into real estate and infrastructure business.

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