Odisha EOW Nabs Financial Fraud Accused From Ahmedabad For Violating Bail Conditions

Bhubaneswar: Economic Offences Wing (EOW), Bhubaneswar, has arrested a financial fraud accused for violating bail conditions.

Manoranjan Ray, a native of Jagatsinghpur district, was nabbed from Ahmedabad railway station on February 22, and later brought to Bhubaneswar on transit remand. He will be produced in the designated court in Cuttack on February 25, an EOW release said on Tuesday.

Notably, Ray was arrested on October 20, 2019, from New Delhi on the basis of a complaint lodged by Laxmi Narayan Mohapatra of Talcher, against him and companies in which he was serving as the managing director – Inter Occen Videsh Ltd, Interoccean Retail (India) Ltd, Realcon Ltd, Alpine Fincrop Ltd and Interoccean Realcon Ltd. It was alleged that Ray collected over Rs 1 crore from 1062 investors from 2010 to 2016, promising them high returns and fraudulently issued bonds, certificates, agreements and money receipts.

Subsequently, a  charge sheet was filed against him, following which trial in the case began.

On June 4, 2021, the Orissa High Court granted him bail on the condition that he would deposit Rs 10 lakh at the time of his release. He also had to deposit Rs 40 lakh within a period of two months and Rs 59,00,500 within six months subsequent to his release on bail.

Ray deposited Rs 10 lakh at the time of his release on June 11, 2021. However, he did not deposit the rest amount, and absconded. Following which, the designated court in Cuttack issued a non-bailable warrant against him on July 7, 2022. Ray continued to evade arrest by traveling from one state to another and was finally nabbed from Ahmedabad on February 22 this year, the release added.