Odisha Ponzi scam: Chit fund firm MD arrested for duping investors of Rs 5 cr
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...
Click here to read full article from source
To read the full article or to get the complete feed from this publication, please
Contact Us.