The Economic Offence Wing (EOW) of the Odisha Police Crime Branch today arrested one of the directors of a ponzi firm on charges of duping investors, police said.
Bijay Swain, the director of city based Vista Management Services Limited, was nabbed from his house by the sleuths barely three days after the arrest of the company's CMD Dev Kumar Panda.
Four teams of the EOW also raided different places in the city and Bolangir today and seized three vehicles and a truck during the raid at Swain's residence in Jaripatana area here, senior police officers said.
Crime Branch ADG BK Sharma said the EOW officers raided several places in Bolangir and Bhawanipatna where the chit fund company had duped over Rs 50 crore from the people.
Panda was on police remand.
The investigating agency was probing Vista's links with the state-owned APICOL (The Agricultural Promotion and Investment Corporation of Odisha Limited) for setting up of an agro services centre (ASC) at Bantala village in Khurda district, the officers added.
