More officials land in police net for money laundering
Deputy general manager of Andhra Pradesh-based para-banking company Wellfare Buildings and Estates Private Limited RS Madhav Rao was arrested by Dhanupali police on Tuesday.
Rao was in charge of operations in the States of Bihar, Uttar Pradesh, West Bengal, Jharkhand and Odisha. Police have also seized documents related to investments from his possession.
The company was collecting money from investors by assuring them of giving land in return against their deposits. It had also promised to return their investment at a high rate of interest in case the investors did not want to take land. Preliminary investigation revealed that the company had acquired 24 acres of land in the name of Madhav Rao in Jamadarpali on the outskirts of Sambalpur town. The company had been operating from its office at Dhanupali in Sambalpur town since 2006 and had collected more than ` six crore from the depositors.
Rao is the second person of Wellfare Buildings and Estates Private Limited to be arrested after the arrest of Dilip Kumar Mallick of the company on May 11. However, Rao refuted the allegation of any financial fraud.
Phulbani: Four officials of Golden Land Developers (GLP), a finance company, were arrested by Town police on Monday evening.
They were identified as branch manager B Upendra Patra, cashier Upendra Mohanty, computer operators Subrat Kumar Tripathy and Anil Kumar Mishra. Two bank accounts of the company operating in Punjab National Bank having deposit of over `13 crore have been freezed by police.
The company was functioning in the district headquarters town from 2007 and was into money circulation business.
Similarly, G Udaygiri police on Sunday sealed the office of Rose Valley Company functioning at MMC Road at G Udaygiri.
Branch manager of the company Dilip Kumar Mohanty and cashier Silu Pradhan were arrested.
Balasore: Nineteen persons working in different non-banking sectors in Mayurbhanj district have been arrested since Saturday on the charges of cheating people after promising to pay high rate of interest on their deposits. They were produced in the court and remanded in judicial custody on Tuesday.
IIM Sambalpur
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