Director of chitfund organisation arrested

A director of a chit fund organisation, which had allegedly duped investors of crores of rupees in Odisha's Ganjam district, has been arrested, police said today.
Aswini Kumar Nayak, one of the directors of Katloon Credit Cooperative Limited, was picked up by the police from a hotel in Berhampur last night, said inspector in-charge of Buguda police station, Ranjan Kumar Dey.
Nayak belongs to Ramanda under Ganjam district's Buguda Police Station limit.
"We had registered case against the ponzi firm when at least 24 investors of the area complained against it," said Dey, adding the investors had stated to have deposited around Rs 1.36-crore in the dubious company.

Katloon was registered in November 2010 and since then the credit cooperative limited had opened its offices in the district, mostly in Bugda and Aska area.
Besides Buguda, the organization was also spreading its business in other areas of the district and collected money from the investors.
SP (Ganjam) Narsingh Bhol said, "We are now investigating the case. We will decide on whether to handover the case to the Economic Offence Wing of the Crime Branch, after examining the sensitivity of the case and amount involved".