Bhadrak, Sept 13: A man identified as Prabhat Ranjan Mallik, Chairman and Managing Director of Kalinga Co-operative Society Limited arrested by the police on Monday for allegedly duping investors promising high returns on their investment.
As per reports, Prabhat had opened many offices at different places in Bhadrak and Balasore and was inducing depositors of high interest rate. However, after the multi-crore chit fund scam came in the limelight, the depositors panicked and demanded their refund. After getting false hopes from Mallik of getting their hard-earned money back since four years, the depositors lodged a complaint against Mallik with the police.
After getting to know this, Mallik closed his offices and tried to hide to escape from getting arrested. But after few depositors saw him near Bhadrak new bus stand yesterday, they captured him and handed him over to Bhadrak police. For further interrogation, he was later shifted to Tihidi police.
