Odisha Chit Fund MD Arrested For Rs 5 Crore Fraud

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Cuttack: The managing director of a Bhubaneswar-based chit fund was produced in a Cuttack court on Tuesday for allegedly duping people to the tune of Rs 5 crore.

The accused, Manoranjan Ray, was arrested by the Economic Offences Wing (EOW) of the state Crime Branch from Delhi on Monday.

He was arrested on the basis of a complaint lodged by one Laxmi Narayan Mohapatra of Talcher.

Based on the complaint, police registered a case. During investigation, it was found that Ray along with his associates had illegally collected approximately Rs 5 crore in public deposits by luring investors through attractive advertisements that promised high returns during 2010-13.

In January 2013, they closed down their offices and absconded without repaying the monthly returns as well as the principal invested amount of the investors.

EOW investigators finally tracked the absconding Ray in Delhi and arrested him on Monday.



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