Bhubaneswar: The Economic Offences Wing (EOW) of the state Crime Branch (CB) Tuesday claimed to have arrested the managing director (MD) of a chit fund firm on charges of duping gullible depositors of around Rs 5 crore.
The accused Manoranjan Ray, a resident of Khairagarh under Naugaon police limits in Jagatsinghpur, was arrested from Yusuf Sarai village under South West district of Delhi October 20. Ray was produced before a local court in South Delhi October 21 and was brought to state on transit remand Tuesday, an EOW note read.
Ray, an MD of a sister concern firm of M/s Inter Occean Videsh Limited, had floated dubious schemes and collected around Rs 5 crore from several persons on the promise of hefty returns during 2010-13. The firm, however, neither returned the amount nor the principal to the investors. Later, the accused shut down the offices and was unreachable, the note added.
Laxmi Narayan Mohapatra of Talcher, one of the duped depositors, approached the EOW which registered a case (08/2016) 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 and made the arrest.
Earlier, the agency had arrested Sunita Samal in connection with the fraud.
