EOW arrested Director of a Chit Fund Company from UP in a Fraud Case of Multi Crores

Bureau,Odishabarta

Bhubaneswar: Economic Offences Wing, Bhubaneswar has arrested accused Dillip Kumar Jain of Bikaner, Rajasthan on 28.07.2021 from Bareli in Uttar Pradesh in EOW PS Case No. 08 dated 22.04.2016, U/s 467/468/471/420/406/120-B IPC r/w Sec. 4/5/6 of Prize Chits & Money Circulation Schemes (Banning) Act, 1978, & Sec.6 of OPID Act, 2011. Accused Dillip Kumar Jain was produced before the CJM, Bareli on 28.07.2021 and is being brought on transit remand for his production before the Hon’ble Court of OPID, Cuttack.

The instant case was registered on the report of Sri Laxmi Narayan Mohapatra of Talcher on the allegation of unauthorized collection of public deposits under different deposit schemes and non-payment of maturity amount by the Directors of M/s Inter OcceanVidesh Ltd. chit fund company and its sister concerns.

Investigation so far revealed that M/s Inter OcceanVidesh Ltd. is registered with ROC, Cuttack having its registered office at Bhubaneswar and branch offices in other parts of the state. During the year 2010-13, the Directors of M/s Inter OcceanVidesh Ltd. and its sister concerns namely, Alpine Fin Corp Ltd., Inter OcceanImpex Pvt. Ltd. and Inter Occean Retail India Ltd. etc. have unauthorizedly collected public deposits to the tune of Rs.2crores approximately, by inducing the investors through their attractive advertisements to invest money under their different deposit schemes which would provide them high rate of interest.Thereafter they closed down their offices and absconded during January 2013 without repaying the monthly returns as well as the principal invested amount of the investors thereby cheated the investors and misappropriated their invested amount. Earlier in this case another two Directors namely, SunitaSamal and Manoranjan Ray were arrested and forwarded to court.

The present accused, Dillip Kumar Jain was another Director of the above companies. He was absconding since registration of the case and was changing his places of abode evading police arrest. On receipt of credible information regarding availability of accused in New Delhi, a team of EOW proceeded to New Delhi on 21.07.2021. The accused frequently moved to Bikaner, from Bikaner to Delhi and from Delhi to Bareli via Ghaziabad. However, finally he was nabbed on 28.07.2021 at Bareli with the help of local police.Odisha Police team got immense help from Bareli District Police of Uttar Pradesh.The investigation of the case is continuing.