Balasore, Aug 25: Raj Godson chit fund firm’s CMD, Jagdish Mishra was arrested by Balasore police on Wednesday in a fraud case of around Rs 15 crore. Reportedly, Mishra was handed over to the police after the affected investors in the fraud case had nabbed him.
As per information, Mishra had convinced investors for depositing money in his firm by promising them huge returns and had managed to deceive them even after the closure of the company by changing its name.
According to an investor’s statement, Mishra used the fraudulent money collected from the people of Balasore and Mayurbhanj districts, to invest in real estate, hotel and land business. It was also reported that he had produced an Odia film ‘Mu Pherile Tumara’ and had also acted in the movie.
The chit fund company was operating for a period of three years in Balasore and Mayurbhanj. When it came under the scanner of the multi-crore chit fund scam in the State, the company was closed down. But still Mishra continued his business by changing the company’s name frequently, sources informed.
As per the police statement, the investors had filed a complaint against him after the company stopped returning money to them. Later, Mishra was arrested yesterday after preliminary investigation. Proper action will be taken after further investigation, Balasore Town Police station official informed.
