EOW Arrests Chit Fund Firm MD For Fraud Of Rs 5 Crore

Bhubaneswar: The Economic Offences Wing (EOW) of Crime Branch has arrested the Managing Director (MD) of Inter Occean Videsh Limited, a money deposit collection company from New Delhi for allegedly duping investors of over Rs 5 crore on the assurance of lucrative returns, police said today.

Police said that the accused Manoranjan Ray was arrested on Sunday and was produced before the designated court in Cuttack today. “He was produced before a court in Delhi and was subsequently brought under transit remand,” said a police official.

Police said that the Inter Occean Videsh Limited and its sister concerns – Alpine Fin Corp Ltd, Inter Occean Impex Pvt Ltd and Inter Occean Retail India Ltd had collected investments to the tune of Rs 5 crore between 2010 and 2013 promising them a higher rate of interest.  The company later closed the offices and absconded without repaying the investors in 2013.

Earlier the EOW had also arrested Sunita Samal, a director of the company for the fraud.  

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