Actor held for chit fund fraud in Orissa | india | Hindustan Times
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Actor held for chit fund fraud in Orissa

india Updated: Oct 21, 2009 00:49 IST
Priya Ranjan Sahu

The police on Tuesday arrested Naseer Khan, who produced and played the lead role in Hindi film Shadow, for his alleged involvement in a multi-crore chit fund scandal.

Khan, who is visually impaired, flew in from Mumbai in the morning and was granted bail later in the day.

Shadow, released earlier this year, was produced from the funds collected by Fine India Sales Pvt Ltd, one of firms involved in the scam in which the actor is a major stakeholder, investigations have found.

Typically, in a chit fund investors make money by roping in more members from whose deposits they get a cut.

Balasore police had received complaints that thousands of people across the state were duped on promise of hefty returns on their investments. It is believed that Rs 5 billion (Rs 500 crore) were collected from investors.