Over 40 Odisha chit fund firms under scanner
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Neeraj Chauhan & Debabrata Mohapatra
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In a major embarrassment
for the ruling Naveen Patnaik government in Odisha, CBI on Tuesday
arrested Biju Janata Dal Lok Sabha MP Ramchandra Hansdah along with two
former MLAs, including one each from BJD and BJP , in connection with a
chit fund fraud. The trio has been accused of duping lakhs of
small investors through a company founded by them. CBI sources in Delhi
said more arrests were likely in the coming days with its probe into
fake parallel bankers.
According to an estimate, more than 650,000 people have been affected by fraudulent chit fund companies operating in Odisha between January 2012 and June 2013 and the total amount of money duped is around Rs 4,375 crore. The CBI has arrested a BJD Lok Sabha MP and two former MLAs for their involvement in a fraudulent ponzy scheme in a re-run of the infamous Saradha scam in neighbouring West Bengal.
According to the Supreme Court, the money stolen from small investors in ponzi schemes in whole of eastern India, including the Saradha scam, is around Rs 10,000 cr.
Apart from Mayurbhanj MP Hansdah, former BJD MLA Subarna Naik of the BJD, and a former BJP MLA Hitesh Kumar Bagartti too were arrested. The three were allegedly founder-directors of Naba Diganta Capital Services (NDCS) which ran the scheme through which investors were defrauded.
Chief minister Naveen Patnaik, in the Capital on Tuesday , said apt action will be taken against both the partymen. Both Hansda and Naik have been suspended.BJD spokesman Amar Prasad Satpathy said they expected action from the CBI when it began questioning the legislators. The arrests come five days after another BJD MLA from Banki, Pravat Tripathy , was arrested for links to the Artha Tatwa Group scam.
“Hansdah, Naik and Bagartti were former directors of NDCS. They have been arrested on charges of criminal conspiracy , cheating and diversion of funds. They were questioned thrice over the past fortnight,“ said a CBI officer. They will be produced in court on Wednesday . CBI authorities said they would be taken in remand for further questioning. Incidentally, NDCS is only one of the 44 firms under the scanner for the alleged involvement in the multi-crore chit fund scam.
The CBI had arrested the ponzi company CMD, Anjan Baliarsing, and its directors Pradeep Patnaik and Kartik Parida on October 26 after a case was registered against the firm. The politicians claimed they had resigned from the firm as directors in 2012, but their resignations were accepted in 2013. They pleaded innocence and alleged they were framed. But an NDCS official told reporters, “They are not children who can be framed. I have submitted all evidence to the CBI relating to their involvement in the company affairs.“
Sleuths had raided the houses of Hansdah, Naik and Bagartti on July 31 and recovered Rs 28 lakh from the suspended MP's home in Mayurbhanj district. Hansdah gave contradictory statements during interrogation on October 24, first saying, “It was my own money that I wanted to spend on renovating my house.“ Then, on October 26, he told interrogators, “The money belonged to my supporters.“ He changed his version again when he came to the CBI office on Tuesday morning. “The money belonged to the party,“ he said.
CBI has formed an SIT headed by joint director Rajeev Singh to also probe the role of SEBI and RBI.
According to an estimate, more than 650,000 people have been affected by fraudulent chit fund companies operating in Odisha between January 2012 and June 2013 and the total amount of money duped is around Rs 4,375 crore. The CBI has arrested a BJD Lok Sabha MP and two former MLAs for their involvement in a fraudulent ponzy scheme in a re-run of the infamous Saradha scam in neighbouring West Bengal.
According to the Supreme Court, the money stolen from small investors in ponzi schemes in whole of eastern India, including the Saradha scam, is around Rs 10,000 cr.
Apart from Mayurbhanj MP Hansdah, former BJD MLA Subarna Naik of the BJD, and a former BJP MLA Hitesh Kumar Bagartti too were arrested. The three were allegedly founder-directors of Naba Diganta Capital Services (NDCS) which ran the scheme through which investors were defrauded.
Chief minister Naveen Patnaik, in the Capital on Tuesday , said apt action will be taken against both the partymen. Both Hansda and Naik have been suspended.BJD spokesman Amar Prasad Satpathy said they expected action from the CBI when it began questioning the legislators. The arrests come five days after another BJD MLA from Banki, Pravat Tripathy , was arrested for links to the Artha Tatwa Group scam.
“Hansdah, Naik and Bagartti were former directors of NDCS. They have been arrested on charges of criminal conspiracy , cheating and diversion of funds. They were questioned thrice over the past fortnight,“ said a CBI officer. They will be produced in court on Wednesday . CBI authorities said they would be taken in remand for further questioning. Incidentally, NDCS is only one of the 44 firms under the scanner for the alleged involvement in the multi-crore chit fund scam.
The CBI had arrested the ponzi company CMD, Anjan Baliarsing, and its directors Pradeep Patnaik and Kartik Parida on October 26 after a case was registered against the firm. The politicians claimed they had resigned from the firm as directors in 2012, but their resignations were accepted in 2013. They pleaded innocence and alleged they were framed. But an NDCS official told reporters, “They are not children who can be framed. I have submitted all evidence to the CBI relating to their involvement in the company affairs.“
Sleuths had raided the houses of Hansdah, Naik and Bagartti on July 31 and recovered Rs 28 lakh from the suspended MP's home in Mayurbhanj district. Hansdah gave contradictory statements during interrogation on October 24, first saying, “It was my own money that I wanted to spend on renovating my house.“ Then, on October 26, he told interrogators, “The money belonged to my supporters.“ He changed his version again when he came to the CBI office on Tuesday morning. “The money belonged to the party,“ he said.
CBI has formed an SIT headed by joint director Rajeev Singh to also probe the role of SEBI and RBI.
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