Maha police arrest Micro Finance head

BHUBANESWAR: Jalgaon police (Maharashtra) yesterday arrested Baikuntha Pattnaik, a director of Micro Finance Limited, from the city in connection with an alleged cheating case.
It is one of the 44 companies being probed by the CBI in the multi-crore chit fund scam in the state.
"The company is accused of duping some investors in Jalgaon," said a police officer from Jalgaon.
Pattnaik was arrested by the state Crime Branch (CB), which was earlier probing the fraud, on March 29, 2014.He managed to get bail as the probe agency failed to file a chargesheet against him in the court.
Pattnaik was accused of conniving with Ajay Swain, a former personal assistant (PA) of a bureaucrat, to revive Micro Finance's business in some districts. "Since the CB had sealed offices of the company in different districts, Pattnaik lured Swain to reopen them. Swain illegally sent letters to different district collectors to allow the company to do business," said a Crime Branch officer. The state government had then suspended Swain.