A special designated court here today remanded Khirod Malick, chief of an NGO Biswa, in judicial custody for 14 days, a day after he was arrested at Sambalpur for allegedly duping investors in money circulation business.
Additional District Judge-1 of the designated court S P Kar sent Malick to jail till November 11 after he was brought here and produced before the court.
Malick, brother of senior BJD leader and former Odisha Minister Pramila Malick, was arrested by the economic offence wing of police Crime Branch for allegedly cheating investors by floating an unlicensed money circulation firm.
No bail petition was filed for Malick as the advocates in Berhampur were on a cease work protest demanding a circuit bench of the High Court at Berhampur.
In 2012, Gajapati district administration received complaints from investors and launched investigation into the functioning of Malick's firm.
It was alleged that the company collected huge money in dubious manner by promising investors to double their deposits in two-an-a-half years. Malick was issued show cause notice and asked to return depositors' money. When he did not return the money, the finance department lodged a complaint with the police.
