Saiprasad investment scam - 2000 crores fraud by Bhapkar - cheated 20 lacs peoples
Saiprasad Properties limited
Saiprasad Foods Limited
Cops raid Ponzi firm in Phulbani
BHUBANESWAR: Police on Sunday seized several documents during a raid on Pune-based Sai Prasad Properties Ltd's Phulbani branch office in Kandhamal district and detained its accountant. The accountant was identified as Rakesh Pradhan, police said.
Police swung into action after people informed the police that the officials of the Ponzi firm were trying to transfer its documents from the locked office in Phulbani. The branch office of the company was locked in February 2013 when the district police launched raids on chit fund companies.
"The preliminary investigation revealed that the company was not collecting deposits after the raids started in February 2013," said SP (Berhampur) K V Singh. Before that the company might have collected money from investors, he said.
"We are trying to find out the amount of deposits, number of depositors and area of operations," said IIC, Phulbani Town police station, Umakanta Pradhan.