Bhubaneswar, May 6: The Economic Offences Wing of Bhubaneswar has arrested accused Pallavi Mishra, one of the directors “Purple Qualves Financial Services Pvt.” for duping investors to the tune of Rs.7 crore.
She was booked U/s 420/406/467/468/ 471/120-B/506/34 IPC,R/w. Sec.4,5 & 6 of Prize Chits and Money Circulation Schemes (Banning) Act,1978 and Sec. 6 of Odisha Protection of Interests of Depositors Act,2011 on Thursday.
The accused was forwarded to the Court of Presiding Officer, OPID Court, Cuttack on Thursday, EOW sources said here on Friday.
A case was registered on the allegation that the accused persons being the Directors of a company prompted the complainant and his associates to invest money in their company for higher interests by investing the amount in share market for lucrative profit. Believing in their version, 43 investors have deposited /invested approximately Rs.7 crores in the Purple Qualves Financial Services Pvt. Ltd. through Bank transaction and by cash.
Initially in order to build confidence amongst the investors, Pallavi Mishra and her husband had made some initial payment as promised to some investors. But, subsequently they failed to return the promised amounts despite repeated requests of the complaint and other investors and misappropriated the amount Rs.7 crores.
EOW sources said, “Purple Qualves Financial Services Pvt. Ltd. is not authorised either by RBI or by SEBI to receive the public deposits and also to invest the money in share market. Still then, the company has collected crores of rupees from different investors in the name of investing money in the share market.
When the investors demanded to return their invested money, the accused persons gave some cheques with a false signature which was later on bounced at the bank due to mismatch of signature.
When the investors asked the accused persons to return their money, they threatened them not to return their invested money and tried to flee away. During investigation, 23 agreement papers showing investment by the investors with the Director, Purple Qualves Financial Services Pvt. Ltd. containing the signature of Satyaranjan Hota and Pallavi Mishra have been seized. Earlier, Director Satyaranjan Hota has been arrested in this case and is still in judicial custody.
