Prabhat ranjan das - Latest News Update, Information, Photos & Videos on Prabhat ranjan das at Lokmat Times

Bhubaneswar, Feb 17 The economic offences wing (EOW) of the Odisha Crime Branch has arrested two more accused in the Rs 10 crore chit fund fraud case, officials said here on Thursday.Sarat Kumar Nayak and Prabhat Ranjan Das, upper line members of the chit fund firm Auroxa Deal Multitrade (OPC) Pvt Ltd, were arrested from their residences in Balasore district, the officials said.On February 13, Babu Singh Kushwaha, the chit fund company director and promoter was arrested by the EOW from Gwalior in Madhya Pradesh.During investigation, the EOW found that the company Auroxa Deal Multitrade (OPC) Private Limited was functioning in a rented building in Balasore town of Odisha during the year 2019-2020.At that time, Kushwaha along with his associates Sarat Kumar Nayak and Prabhat Ranjan Das had collected more than Rs 10 crore from around 500 investors by making false promises of high returns and duped them subsequently.They duped the investors under various lucrative schemes on direct selling of various household goods/electronic goods with high returns having cash back offers.The deposits collected by the company are nothing but ponzi schemes and binary schemes. The business model of the firm is a simple pyramid structure, works as a binary scheme in which the early entrants earn money and as the number of investors increases, the scheme collapses at a point of time, the EOW officials informed.Thus, the deceit and fraud is camouflaged under the name of direct selling marketing and business, they added.Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

Home

City

Latest News

Cricket

LT Premium

National

International

Maharashtra

Opinions

Chhatrapati Sambhajinagar

Nagpur

Entertainment

Photos

Business

Technology

Sports

Lifestyle

Social Viral

Lokmat Games

Health

Narendra Modi

Lok Sabha Election 2024

Heatwave In India

Mumbai Mega Block

Maharashtra Lok Sabha Election

T20 World Cup 2024

Prabhat Ranjan DasFOLLOW

Prabhat ranjan das, Latest News

Politics :Odisha CM seeks cooperation from stakeholders for smooth conduct of Rath Yatra

Bhubaneswar, June 13 Odisha Chief Minister Naveen Patnaik on Tuesday sought cooperation from all the stakeholders for the ... ...

National :Odisha police arrests two more in Rs 10 cr chit fund fraud

Bhubaneswar, Feb 17 The economic offences wing (EOW) of the Odisha Crime Branch has arrested two more accused ... ...