Another chit scam of `80 cr rocks city
Dec 23, 2013
Source : The Pioneer


BHUBANESWAR: Allegations of a new chit fund scam have surfaced in the city with several investors alleging that city-based Shreebhumi Multipurpose Cooperative Limited has cheated them of their hard-earned money of `80 crore.

The investors lodged a complaint with the Economic Offences Wing (EOW) of the State Crime Branch against Shreebhumi managing director Chhotray Majhi and another director Subhransu Singh on Friday.

“The firm promised us to refund our deposits with double interest after maturity and also collected money in the name of providing residential plots in the city but looted nearly `80 crore from us,” said an investor.

“When we ask for our maturity and residential plots, the firm did not provide us the promised fund though the maturity period has been completed. It has closed its office since January this year. The firm was running its office from plot-N6-508 at Jayadev Vihar, he said.

“The firm used to attract us by offering high returns on our fixed deposits and recurring accounts. We are yet to receive our principal amount,” said another investor. The complaints also alleged that the firm authorities have been threatening to eliminate them if they continue to protest.

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