Rs 3 crore scam: EOW arrested director, chief executive officer for institutions

Bhubaneswar: A wing of economic crimes (EOW) branch of crime on Friday arrested a director and executive director of two charity-funded companies who are searching for people in the amount of three runes.
The accused duo was identified as Suresh Chandra Sahoo, director of Akash India Multi Complex Ltd. and Subash Chandra Mohanty, Secretary and Executive Director of Akashdeep Multi-Purpose Cooperative Society Ltd.
They were forwarded to a special emergency court in Cuttack.
A case has been reported based on Debendra Kumar Nayak reports against Akash India Multi Complex Ltd. for the collection of public deposits in the amount of three kroons, with the insurance of paying high returns. After collecting money, the employees of the suspicious company closed offices and avoided unlawfully appropriating the collected amount.
During the investigation, it was revealed that the CEO of the company collected Rs 3 crores of around a thousand people through his company and formed a company called Akashdeep Multi-Purpose Cooperative Society Ltd. between 2006 and June 2016.
The company’s headquarters were in Dumduma, Khandagiri Bhubaneswar, and opened its offices in Niala, Charichak, Puri, Astaranga, Baungarigaon, Panikoili, Bramhagiri and Jagatsinghpur.
Having dumped the money of the gullible investors, they closed their offices and escaped.
In this case, the Accused Kedarnath Sahu, General Manager of Akash India Multi Complex Ltd. and President of the Multi-Purpose Co-operative Society Akashdeep were previously arrested on May 6, 2017 and forwarded to the court.
An interim proposal for connection of land properties of 7.72 hectares and a bank balance established during the investigation was submitted to the Finance Department. Further investigation is underway, according to EOW.

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