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Cheat' funds spread tentacles in Balasore

The business of multi-level marketing companies (MMCs) and chit fund organizations is not confined to Balasore district.

As per reports, they have spread their tentacles to neighbouring Bhadrak and Mayurbhanj districts besides parts of Bhubaneswar, Rourkela and Sambalpur towns.

With the arrest of an MMC's promoter, the Crime Branch (CB) has unearthed several business secrets of such fake non-banking organizations. Promoter of Dream Achiever Saroj Kumar Samanta was arrested for allegedly duping people on the pretext of returning them thrice of their initial investment within a year. The arrest came a day after the CB busted a multi-crore chit fund scam in the state and froze at least 11 accounts, having money worth Rs 107 crore deposited in four banks in Orissa, Kanpur, Mumbai and Delhi.

"There are several such organizations that are still doing business, by fooling people. Investigation is on to spot these companies and nab their promoters. So far, seven MMCs have been detected, but there are 15 more under the CB scanner," said CB DSP P K Panda.

It is alleged that Dream Achiever, which had started business from Balasore since April 14, has stretched its reach to Basudevpur, Dhamra and other parts of Bhadrak district, besides some parts of Mayurbhanj district. CB sources claimed that this MMC had received a deposit of Rs 4.46 crore within four months, while only Rs 2 crore has been paid to its customers. The man behind the organization was also allegedly running another company that went by the name Dream Merchant. This company promised people good returns within a short period.

"Three youths in Basudevpur area have collected more than one crore from the people. But after the arrest of Samanta, they fled the place. As many known personalities have invested with them, they are ashamed to report it to the police. We request the crime branch to nab these frauds," said an investor. Meanwhile, the Crime Branch is continuing raids in different parts of the state and outside. The CB official said promoters of the money circulation schemes through high profile campaign have entrapped lower middle class people eager to become rich overnight.

"By enrolling oneself under such scheme, one would be getting back the initial paid investment and keep gaining financially by enrolling new members. But I am surprised that even after such a hullabaloo, there are reports of people investing in such schemes," Panda said, urging people not to get duped by tall promises.

Source:TOI

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