EOW arrests chit fund firm Director from UP for cheating Odisha investor

Bhubaneswar: The Economic Offences Wing (EOW), Bhubaneswar has arrested director of Inter Occean Videsh Limiteda chit fund company, on charges of cheating the investors.

The accused, identified as Dillip Kumar Jain of Bikaner, Rajasthan, was arrested from Bareli in Uttar Pradesh in connection with case that was registered on the report of one Laxmi Narayan Mohapatra of Talcher who alleged unauthorized collection of  public deposits under different schemes and non payment of maturity amount by the directors of the company.

Dillip was produced before the CJM, Bareli on Wednesday and is being brought on transit remand for his production before the Court of OPID, Cuttack.

Reportedly, investigation has revealed that the company is registered with ROC, Cuttack which has its registered office at Bhubaneswar and branch offices in other parts of the state.

It is to be noted that during the year 2010-13, the directors of the company and its sister concerns namely, Alpine Fin Corp Ltd., Inter OcceanImpex Pvt. Ltd. and Inter Occean Retail India Ltd. etc. have collected unauthorized public deposits to the tune of Rs 2 crores approximately, by inducing the investors through their attractive advertisements to invest money under their different deposit schemes which would provide them high rate of interest.

Following this they closed down their offices and were absconded during January 2013 without repaying the monthly returns as well as the principal invested amount of the investors and cheated the investors.

Earlier, another two Directors namely, Sunita Samal and Manoranjan Ray were also arrested and forwarded to court.

The accused, Dillip was another Director of the above stated companies. He was absconding since registration of the case and was changing his places to avoid police arrest.

On the basis of reliable information, a team of EOW proceeded to New Delhi on July 21 and nabbed at Bareli with the help of local police.

Odisha Police team got immense help from Bareli District Police of Uttar Pradesh. The probe is still underway.

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