Absconding Odisha Chit Fund Company Director Arrested From UP

Bhubaneswar: The Economic Offences Wing (EOW) of the Crime Branch arrested the director of a city-based chit fund company, who was absconding after duping the investors of crores of rupees, from Bareli in Uttar Pradesh on Wednesday.

According to sources, the company, Inter Occean Videsh Ltd, registered with ROC, Cuttack, had its registered office at Bhubaneswar and branch offices in other parts of the state.

In 2010-13, the directors of the company and its sister concerns, Alpine Fin Corp Ltd, Inter Occean Impex Pvt Ltd and Inter Occean Retail India Ltd collected public deposits of around Rs 2 crore by inducing the investors with high rate of interest under their deposit schemes.

In January, 2013, the company closed its offices and its directors absconded without paying the monthly returns as well as the principal invested amount of the investors.

One of the investors, Laxmi Narayan Mohapatra of Talcher filed a complaint with police against the Inter Occean Videsh and its directors. Following investigation, the police arrested two directors of the company Sunita Samal and Manoranjan Ray. But another director, Dillip Kumar Jain of Bikaner, Rajasthan was absconding.

Acting on credible information regarding Jain in New Delhi, a team of EOW proceeded to New Delhi on July 21. But he had already moved to Bikaner.

Tracing the movement of Jain, the EOW team came to know that he had gone from Bikaner to Delhi and from there to Bareli via Ghaziabad. With the help of Bareli police, the team nabbed him.

Jain was produced before the CJM, Bareli and brought him on transit remand to produce before the court of OPID in Cuttack.