Bhubaneswar, March 19 (LocalWire): Police on Friday arrested Rabindra Prasad Swain, the director of Oscar Infradevelopment Ltd., for cheating investors of crores of rupees.
Oscar Infradevelopment, a fake company floated as a sister concern of Oscar Group, collected Rs.130 crore from investors in Odisha, Gujarat and Maharashtra between 2006 and 2015.
Investigations have revealed that the firm had opened over 100 branch offices across the three states, where several cases have been pending against it.
The economic offence wing, which is probing the case, said that Swain, who has been on the run since the arrest of another top executive of the firm, was involved in luring potential investors.
The firm invested the money in making four Odia movies: “To Akhire Mu,” “Most Wanted,” “Balunga Toka” and “Rangila Toka” under the banner of Oscar Movies and Entertainment.
Rajya Sabha MP and BJD leader Anubhav Mohanty has also been accused of promoting the ponzi firm for accepting a role in one of the promos.