Odisha Ponzi scam: Chit fund firm MD arrested for duping investors of Rs 5 cr

Manoranjan was operating M/s Inter Occean Videsh Limited and its sister concerns - Alpine Fin Corp Ltd, Inter Occean Impex Pvt Ltd and Inter Occean Retail India Ltd and siphoned off investors deposits amounting Rs 5 crores after luring them with higher rate of interest and other offers.

Sambad English Bureau Published On : Oct 22, 2019 at 3:53 PM Updated On : Oct 22, 2019 at 8:25 PM

Bhubaneswar: The Economic Offences Wing (EOW) of Odisha Crime Branch arrested the Managing Director (MD) of M/s Inter Occean Videsh Limited, a chit fund company, from his New Delhi residence on charges of duping investors of over Rs 5 crore on assurance of lucrative returns.

The EOW later produced accused Manoranjan Ray before OPID Court in Cuttack today.

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Police said Manoranjan was operating M/s Inter Occean Videsh Limited and its sister concerns – Alpine Fin Corp Ltd, Inter Occean Impex Pvt Ltd and Inter Occean Retail India Ltd and siphoned off investors deposits amounting Rs 5 crores after luring them with higher rate of interest and other offers. The company later closed the offices and absconded without repaying the investors.

Acting on a complaint lodged by one Laxmi Narayan Mohapatra of Talcher, the EOW arrested the accused from New Delhi yesterday and charged him under Sections- 467, 468, 471, 420, 406 and 120-B of IPC, Sections- 4 ,5 and 6 of Prize Chits and Money Circulation Schemes (Banning) Act, 1978 and Section 6 of Odisha Protection of Interest of Depositors (In financial Establishments) Act, 2011. He was produced before the Metropolitan Magistrate, Saket Court in South Delh. The EOW officials later brought Ray on transit remand and produced him before the OPID Court Cuttack today.

Earlier, Sunita Samal,another Director of the chit fund firm, was arrested in this connection.