A self-styled director of a money circulation farm, who had embezzled the lifetime savings of several investors in Odisha about a decade back, was arrested by the Economic Offence Wing (EOW) on Thursday from Bareillyin Uttar Pradesh.
The accused Dillip Kumar Jain, one of the directors of Inter Ocean Videsh Limited was arrested in Bareilly. He is brought under remand to Odisha after a local court in Bareilly allowed the transit remand, said STF officials.
The money laundering case dates back to 2013. The arrested fraudster besides others who had floated the bogus finance company and duped cheated investors in the name of providing long-term loans at low rates of interest and attractive investment plans. The gullible people did not cross-check the credentials of the company. Lured by the hefty return of the investment, deposits were made in the company through its agents. The company’s offices were shut one after the other in 2013, leaving the investors in the lurch.
Two other directors of the dubious farm were earlier arrested by EOW. Jain, one of the masterminds of the Ponzi fraud, was absconding since 2013. The accused, a native of Bikaner in Rajasthan moved from one place to other to evade arrest. The UP police lent the required support to EOW in arresting the Ponzi fraud mastermind, added EOW officials.