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Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested two directors of Sagarika Realtor Projects India Ltd. from West Bengal in connection with the multi-crore chit fund scam across the state.

The accused has been identified as Sanjit Bhowmik and Mithun Chatterje.

The accused directors Sanjit and Mithun were arrested on Saturday and Sunday respectively from Bolpur, West Bengal.

After production in the local court, they have been brought on transit remand. Both the accused persons are being forwarded to OPID court, Cuttack today.

According to EOW, the company was having head office at Golpura in Birbhujam district of West Bengal and Branch office at Cuttack. During the year 2009 to 2013, the alleged company represented by the arrested accused directors have unauthorisedly collected more than Rs 3 crores from the investors of Cuttack, Puri, Jagatsinghpur, Puri, Dhenkanal and other parts of the state under different schemes on pretext of high return.

Subsequently, the company closed down its office and cheated the investors by not refunding their invested amount.

Earlier, accused director Sibu Das and Satyen  Manik, Odisha Head of the company were arrested on March 6 from Medinpur.


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What needs to be done to meet the objective?: Chit funds should be banned completely

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