CBI arrests another chit-fund firm MD in Odisha

The Central Bureau of Investigation (CBI), which is probing the multi-crore chit-fund scam in Odisha, arrested Durga Prasad Mishra, the managing director (MD) of another state-based chit-fund company Micro Finance Limited late on Sunday night.

The chit-fund company owns 10 subsidiaries, including an Odia TV news channel.
The probe agency is looking into the financial transactions of all these sister organisations.

The CBI had raided and conducted a search at Mishra residence in the Patia area of the city here last week, seizing a few important documents. However, Mishra had remained untraceable, reportedly on the run since March this year.

Before the CBI took over the investigation, the firm’s affairs were being probed by the crime branch of the state police.

Mishra has now claimed that neither he nor his company was involved in any wrongdoing.

“The company was running for 30 years. We have not done anything wrong. I have become a victim of conspiracy,” he told reporters while being taken to a government-run hospital on Monday for mandatory health check-up after his arrest.

He was subsequently produced in a designated CBI court here. Court sources said the probe agency asked for Mishra's remand for seven days.

His son Kali Prasad was also interrogated by the CBI here on Monday.
Micro Finance is not the only tainted chit-fund company in Odisha which turned out to be the owner of a TV news channel.

The Seashore group, which is currently under the CBI's scanner, with its high-profile MD Prasanta Dash already behind bars, also owned an Odia news channel.

While Micro Finance’s channel MBC TV is still on air, the Seashore group's channel STV Samachar has already downed shutters.