Odisha EOW arrests man for defrauding over 1,000 investors of Rs 1 crore

The Economic Offences Wing (EOW) of Odisha Police arrested a man from Ahmedabad, for allegedly defrauding over 1,000 investors of Rs 1 crore. The accused was identified as Rajkishore Ray, a native of Jagatsinghpur district.

Modus operandi of the accused

According to sources, Ray collected deposits from 1,061 investors from 2010 to 2016 by issuing fraudulent bonds, certificates, agreements, and money receipts. To lure unsuspecting investors, he would promise high returns to win their trust and issue false documents to appear more legitimate.

The EOW's statement revealed that Ray had been evading arrest by constantly changing his address and staying in different states. He was finally arrested from Ahmedabad on February 22 and brought to Odisha on transit remand.

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Previous charges

Notably, Ray was previously arrested in October 2019 from New Delhi, and a charge sheet was also filed against him. However, he was granted bail by the High Court of Orissa in June 2021, on the condition that he would deposit Rs 10 lakh at the time of his release, followed by Rs 40 lakh within two months, and the remaining Rs 59 lakh within six months.

Ray only deposited Rs 10 lakh and subsequently absconded, violating bail conditions. He also continued scamming people, after which he again fell into the EOW radar.

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Till the last reports came in, the investigation continued as officials gathered more evidence. Further, the news of this scam came not long after the Odisha EOW took another man in custody from Hyderabad for scamming people of Rs 5 crore.