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Chit fund firm MD arrested for duping investors in Odisha

October 22, 2019 05:21 PM

BHUBANESWAR:The Economic Offences Wing (EOW) of Odisha Crime Branch has arrested the managing director of a chit fund firm on charges of duping investors of over Rs 5 crore, police said on Tuesday.

Manoranjan Ray, the managing director of Inter Occean Videsh Limited, has been arrested from New Delhi on Monday, said police.

Police said he siphoned off investors' deposits worth Rs 5 crore after luring them with higher rate of returns and other offers during 2010-13.

The company later closed the offices and its employees left without repaying the investors, the police said.

Acting on a complaint lodged by one Laxmi Narayan Mohapatra of Talcher, the EOW arrested the accused from New Delhi on Monday and presented before the Metropolitan Magistrate, Saket Court in south Delhi.

Ray was brought on transit remand and presented before a designated court in Cuttack on Tuesday.

Earlier, Sunita Samal, another director of the chit fund company, was also arrested in connection with the case

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