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TMI BlogOdisha EOW arrests man from Ahmedabad for duping over 1,000 investorsX X X X Extracts X X X X X X X X Extracts X X X X ..... Odisha EOW arrests man from Ahmedabad for duping over 1,000 investors X X X X Extracts X X X X X X X X Extracts X X X X ..... Jagatsinghpur district of Odisha. After producing him before a court in Ahmedabad, Ray was brought to the state on transit remand on Tuesday, the official said. As per a statement issued by the EOW, Ray collected the deposits from the investors promising high returns and fraudulently issued bonds, certificates, agreements and money receipts to win their trust. The accused had illegally collected ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Rs 1.05 crore from 1,061 investors from 2010 to 2016 and cheated them, it said. The accused was earlier arrested in October 2019 from New Delhi and subsequently a charge-sheet was filed against him and his companies, following which trial was underway. Later, Ray was granted bail by the High Court of Orissa in June 2021 with the condition that he would deposit Rs 10 lakh at the time of his rele ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ase and Rs 40 lakh within a period of two months and thereafter the remaining amount of Rs 59 lakh within a period of six months subsequent to his release on bail, the EOW said. The accused had deposited only Rs 10 lakh at the time of his release. Subsequently, he violated the bail conditions by not depositing any further amount within the time limit and remained absconding, it said. Ray was lon ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... g absconding to evade the arrest and was constantly changing his address. He was staying in different states. After long exercises, the accused was arrested from Ahmedabad on February 22 this year, it added. PTI BBM BBM ACD X X X X Extracts X X X X X X X X Extracts X X X X
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