Two senior officials of a chit fund company were arrested for allegedly duping people into investing in it with false promises, police said today.
Bishnu Muni and Santosh Das, managing director and director respectively of Sujoga Reality Ltd, were arrested yesterday following the order of a chit fund court here.
The company had promised investors high returns on deposits and residential plots equivalent to the value of the deposits on maturity, police said.
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The organisation had opened its office in 2011 at Berhampur. It opened branches at several places in Ganjam, Nayagarh and other districts and wound up in 2013 after two years of business.
The court had directed the police to probe the matter following a petition filed by an affected investor.
"The exact amount collected by the company is under investigation," said investigating police officer Sushat Kumar Sahu.
The two accused were produced before the chit fund court that remanded them to five days' police custody.
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