Maharashtra Police on Monday arrested Director of Micro Finance Limited Baikuntha Nath Patnaik from his residence at Prachi Vihar, Bhubabaneswar for alleged financial fraud. An Economic Offences Wing team from Jalgaon of Maharashtra state arrested Patnaik with the help of Mancheswar police.
Patnaik will be produced before court and taken on transit remand.
Micro Finance Limited had a branch in Jalgaon where fraud money circulation schemes were floated. Basing on the complaint of a person who had invested Rs 10 lakh, the Economic Offences Wing had registered a case.
Earlier, Patnaik was arrested by the Economic Offences Wing of Odisha Government in 2013 for his alleged role in financial fraud in the name of Micro Finance. However, he was later released in bail.