Ponzi accused nabbed from Ahmedabad for breaching bail conditions
Bhubaneswar: The economic offences wing (EOW) of the state crime branch on Tuesday arrested a chit fund accused from Ahmedabad for allegedly breaching his bail conditions. The accused, Manoranjan Ray (51) from Jagatsinghpur district, did not comply with the Orissa high court’s order to deposit Rs 99 lakh in 2021 and subsequently absconded.
“A fraud case was filed against Ray on April 22, 2016, for allegedly deceiving 1,061 people of nearly Rs 1.05 crore by promising substantial investment returns. Between 2010 and 2016, he attracted depositors with unrealistic interest rates and collected funds,” EOW’s SP Dillip Kumar Tripathy said.
After receiving a complaint from a duped victim, EOW arrested Ray on Oct 20, 2019, from his New Delhi residence. A chargesheet was later filed against him and his fraudulent companies in court. The case continues at the Odisha Protection of Interests of Depositors (OPID) court in Cuttack.
“The Orissa High Court had granted Ray bail on June 4, 2021, stipulating he deposit Rs 10 lakh upon release, Rs 40 lakh within two months, and Rs 59,00,500 within six months of his release. Ray paid Rs 10 lakh when released on June 11, 2021. However, he breached bail conditions by failing to pay the remaining amount within the specified period and disappeared,” Tripathy said.
Following his non-compliance with the court order and disappearance, the OPID court issued a non-bailable warrant on July 19, 2022. The accused evaded arrest by frequently changing locations.
“We tracked his locations for a long time. Acting on a tip-off, we arrested him in Ahmedabad where he owned a house. After being produced in a court at Ahmedabad, Ray was brought to Bhubaneswar on transit remand,” the EOW SP said.
According to EOW, Ray opened his head office in the Baramunda area of Bhubaneswar and lured investors with the false promise of providing 20 per cent interest annually on deposits. The company folded up its business and its officials absconded in Jan 2013. After waiting for three years, the duped investors approached EOW in April 2016, seeking justice.
“A fraud case was filed against Ray on April 22, 2016, for allegedly deceiving 1,061 people of nearly Rs 1.05 crore by promising substantial investment returns. Between 2010 and 2016, he attracted depositors with unrealistic interest rates and collected funds,” EOW’s SP Dillip Kumar Tripathy said.
After receiving a complaint from a duped victim, EOW arrested Ray on Oct 20, 2019, from his New Delhi residence. A chargesheet was later filed against him and his fraudulent companies in court. The case continues at the Odisha Protection of Interests of Depositors (OPID) court in Cuttack.
“The Orissa High Court had granted Ray bail on June 4, 2021, stipulating he deposit Rs 10 lakh upon release, Rs 40 lakh within two months, and Rs 59,00,500 within six months of his release. Ray paid Rs 10 lakh when released on June 11, 2021. However, he breached bail conditions by failing to pay the remaining amount within the specified period and disappeared,” Tripathy said.
Following his non-compliance with the court order and disappearance, the OPID court issued a non-bailable warrant on July 19, 2022. The accused evaded arrest by frequently changing locations.
“We tracked his locations for a long time. Acting on a tip-off, we arrested him in Ahmedabad where he owned a house. After being produced in a court at Ahmedabad, Ray was brought to Bhubaneswar on transit remand,” the EOW SP said.
According to EOW, Ray opened his head office in the Baramunda area of Bhubaneswar and lured investors with the false promise of providing 20 per cent interest annually on deposits. The company folded up its business and its officials absconded in Jan 2013. After waiting for three years, the duped investors approached EOW in April 2016, seeking justice.
