Bhubaneswar, May 17 (IANS): Odisha's crime branch (CB) team on Sunday arrested the managing director of Vista Management Services Ltd. in connection with a multi-crore-rupee chit fund scam in the state.

The Economic Offences Wing (EOW) of the crime branch arrested Deb Kumar Panda, managing director of the chit fund company, for duping depositors of about Rs.50 crore, superintendent of police of EOW Rajendra Patnaik told reporters here.

He said Panda was arrested from the Bhubaneswar railway station while leaving for Vizag for a flight to Singapore.

The police also seized his passport, visa, air ticket, hotel booking receipt and some foreign currency from his possession.

The crime branch arrested the accused on the basis of a complaint lodged by several depositors from western Odisha on April 23 this year.

Panda, who began operating the chit fund company in 2008-2009 in the state, is alleged to have duped depositors of about Rs.50 crore by floating various schemes and promising lucrative returns.