Odisha senior police official arrested in chit fund scam

The Central Bureau of Investigation (CBI) has arrested deputy superintendent of Odisha police, Pramod Panda, for allegedly deriving undue financial benefits and being part of a larger conspiracy to defraud gullible investors who invested money in schemes of the Artha Tatwa Group. In its first charge sheet against the company CBI named 16 high placed individuals and seven companies for criminal conspiracy, cheating, forgery, and violation of the schemes banning Act. The probe against the Group forms part of the CBI investigation into Ponzi scheme operators that are an offshoot of the Saradha scam. The CBI has registered 44 FIRs in Odisha against several chit fund companies. They have now also formed a special investigating team to also probe the possible role of the Securities Exchange Board of India and RBI in the case.