Jagatsinghpur, June 7 (LocalWire): Police have arrested an employee of the state agriculture department, Nihar Ranjan Mohanty, on charges of running a Ponzi scheme here.
The arrest was made after an FIR was filed based on complaints by Balikuda resident Sudhir Kumar Mallick, Tirtol resident Ajay Kumar Lenka and 15 others who alleged that they have been duped of more than Rs 20 lakh by the accused and his accomplice.
A native of Panhpulli village under Erasama police limits, Nihar along with his colleagues Sudhir Kumar Mohanty, and Samarballav Das allegedly duped the villagers by promising to double their money through a one-year fixed deposit scheme.
The miscreants had set up two companies, Reality Trade Center and Sai Swapna Agency, and conducted several meetings with the villagers and local self-help groups to convince them about the scheme.
They promised to provide loan and financial assistance based on individual deposits at a very attractive lower interest rate.
While the agency initially disbursed loans to depositors to gain goodwill and confidence, it later started to refuse loans and financial assistance on some pretext or other.
The agency later shut shop and vanished.
On Sunday last, when Nihar and his team when they were briefing a school teacher in Patenigaon village about different deposit fixed schemes and the loan assistance facility, the villagers detained him and demanded to return their money.
The villagers later handed him over to the Jagatsinghpur police, which registered a case of fraud against Nihar and his accomplice.
According to Jagatsinghpur police station in-charge Rajanikant Mishra, the accused Nihar works with Mahanga District Agriculture Office under Cuttack district.
He also informed that while the police are investigating the matter and looking for the others absconding in the case.