By Raju Vernekar
Mumbai, Aug 28:
Manoranjan Roy, Chairman of Pincon Group recently arrested by the Directorate of Enforcement (ED), Kolkata, in connection with a Rs 638 crore fraud of collecting deposits from public, by offering them fraudulent money-doubling schemes, has been remanded to ED custody till September 04 by the Special PMLA Court.
His associate Kaustuv Ray, arrested on July 18, in this case continues to be in Judicial Custody. Pincon Group collected in total Rs. 638 crore from several investors as deposits under various schemes, ED said in a statement on Saturday.
ED initiated investigation under the Prevention of Money Laundering Act, 2002 in the alleged irregularities in the Pincon Chit fund scheme, on the basis of FIR registered by Khejuri Police Station, Purba Medinipur, West Bengal, against the Board of Directors and other officials of Pincon Group of Companies under various sections of Indian Penal Code 1860 and West Bengal Protection of Interest of Depositors in Financial Establishment Act, 2013.
Directorate of Economic Offences, Kolkata Police had also filed Chargesheet in this case. ED investigation revealed that Pincon group of companies controlled by Manoranjan Roy and his associates collected money from public by fraudulent re-presentations and luring them with high rate of interest upon maturity of deposits collected under different schemes like MIS, FD & RD. However, they failed to pay the investors their dues on maturity.
The Pincon Group diverted proceeds of crime to various entities/persons. Ray, is the owner of Kolkata TV and Rose TV. ED investigating various cases of money laundering against Ray has already attached several properties owned by him or his companies. He is known for his close links to West Bengal chief minister and Trinamool Congress chief Mamata Banerjee.
In August last year, the ED and the Income Tax Department had conducted simultaneous raids at the residence and offices of Ray. He has been involved in many sectors like computers, software and media. In March 2018, he, as the Director of RP Infosystems, was arrested by the Central Bureau of Investigation (CBI) in connection with a Rs 515 crore bank scam involving a consortium of banks, including the Punjab National Bank and Canara Bank.
Manoranjan Roy, was earlier arrested in November 2017. He and his associates stated to have raised over Rs. 1,600 crore from over three lakh investors from Gujarat, Madhya Pradesh, Bihar, Haryana and Uttar Pradesh through multiple shell companies. According to reports Roy had also set up multiple shell companies like LRN Finances, ASK Financial Services, Greenage Food Products Ltd, Bengal Pincon Housing Infra Ltd, LRN Universe Private Ltd and Universal Multi-state Credit Co-operative Society.