EOW Arrests Purple Qualves Chit Fund Company Director For Rs 7 Cr Fraud
EOW Arrests Purple Qualves Chit Fund Company Director For Rs 7 Cr Fraud
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Bhubaneswar: Pallavi Mishra, another Director of Purple Qualves Financial Services Pvt. Ltd, a chit fund company, was detained by the Economic Offences Wing for defrauding investors of Rs 7 crore.
Pallavi, the wife of Satyaranjan Hota of Banasingh in the Dhenkanal district's Sadar police limits, was detained on Thursday and sent to the OPID Court in Cuttack.
The company has been accused of defrauding 43 investors out of Rs 7 crore by convincing them to invest in their company in exchange for bigger returns. The directors first paid some payments as promised, but after repeated demands from the investors, they failed to restore the pledged sum.
The investors filed a complaint, believing they had been deceived. "Purple Qualves Financial Services Pvt. Ltd. is not permitted either by RBI or SEBI to collect public deposits and also to invest the money in the share market," according to the probe.
When the investors demanded their money back, they were given rejected checks and threatened with losing their investment.
During the investigation, 23 agreement papers with Satyaranjan Hota and Pallavi Mishra Hota's signatures were seized.
In this instance, Satyaranjan was arrested and is currently in judicial detention.
