22 October 2019
Bhubaneswar: The Economics Offences Wing (EOW), Bhubaneswar on Tuesday arrested the Managing Director of Inter Ocean Ltd and its sister companies from New Delhi. He was arrested under Section 4/5/6 of Prize Chits and Money Circulation Schemes (Banning) Act, Section 6 of Odisha Protection of Interest of Depositors (In financial establishment) Act.
The accused Manorjan Ray was produced before the Metropolitan Magistrate in New Delhi and will be brought to Bhubaneswar on transit remand to be produced before Honourable Court of OPID, Cuttack today.
Ray has been accused of unauthorized collection of public deposits amounting to Rs 5 crore approximately. He used multiple modes to dupe naïve people into ‘investing’ money and promised them to double their deposits. Once a certain amount was collected, Ray and co used to abscond with the money.
Ray’s co-accused Sunita Samal too was arrested today and has been forwarded to court.
Both of them were directors of M/s Inter Ocean Videsh Limited and its sister companies of Alpine Fin Corp Ltd, Inter Ocean Retail Ltd, etc. The scam was undertaken in between