Bhubaneswar, Oct. 22 -- 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.

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 inves...