Home Breaking News Odisha: Ponzi firm head arrested for Rs 500 crore fraud

Odisha: Ponzi firm head arrested for Rs 500 crore fraud

by Times One Odia
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Odisha: Ponzi firm head arrested for Rs 500 crore fraud

The accused, identified as Nikhilananda Pashupalak, was arrested from Berhampur where his company Success Online Service System (SOSS) Private Ltd had its head office, said the EOW officials.

 The police are yet to arrest the company’s managing director Raman Kumar Singh and its secretary Rakesh Kumar.(Representational)

The Economic Offences Wing (EOW) of the Odisha Police Thursday arrested the head of a ponzi firm for allegedly cheating people of at least four states and swindling money to the tune of Rs 500 crore.

The accused, identified as Nikhilananda Pashupalak, was arrested from Berhampur where his company Success Online Service System (SOSS) Private Ltd had its head office, said the EOW officials.

The police had been looking for him after a complaint was registered against the firm and three of its office-bearers, including Pashupalak, in 2016 by one Parsuram Behera. The police are yet to arrest the company’s managing director Raman Kumar Singh and its secretary Rakesh Kumar.

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