Odisha News Insight

SLB Media CMD arrested for Rs 10 crore Chit Fund Scam

Bairiganjan-SLBBairiganjan Das, Chief Managing Director (CMD) of chit fund company, Simple Life Beauty (SLB), who previously owned two Daily newspapers ‘The Common Times’ and Sarbasadharana’, was arrested yesterday in connection with the Rs 10 crore chit fund scam.

Bairiganjan was overpowered by a group of investors, who later handed him to the Nayapalli Police. Investors from across the state had come to Bhubaneswar to lodge a complaint with the Crime Branch. They took hold of Das when he failed to convince them.

DAs used to run several firms such as SLB Invest India limited, SLB Realcon Limited, SLB Venture India Limited, etc. While has duped investors across the state, the Nayagarh Police may seek his remand in connection with a Rs 63 lakh fraud case.

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