B'luru firm MD held in Jaipur in Rs 56-cr scam

Special Operations Group (SOG) of the Rajasthan Police, in an inter-state operation, arrested three persons, including group chairman and managing director (CMD) for allegedly duping 25,000 people in the state.

Police said Group CMD Manoranjan Roy from Bengaluru and three others belong to Pincon Spirits Limited and they had duped people, who invested money in company's 56 crore debentures.

SOG ADG Umesh Mishra said, "Along with Roy, Vinay Singh from Bengaluru, accounts head Raghu Shetty from Varanasi was also arrested.".

SOG, IG Dinesh M N told DH, "West Bengal-based Pincon Group made an excuse to dupe public by giving them false hope of exchanging Rs 500 and Rs 1,000 currency bank notes after demonetisation last November. The company announced that they were accepting deposits in demonetized notes for investment purposes".

"The Kolkata-based firm, which has its office in Rajasthan also raked in cash deposits worth more than Rs 1 crore in banned notes", Dinesh added.

Police have unearthed that Roy, the alleged mastermind of the scheme, had a bank credit limit of Rs 400 crore, which he allegedly created using scammed money.

The accused were brought to Jaipur and subjected to a medical examination. They will be produced before the court and thoroughly interrogated. A case was registered against the accused under various sections of the IPC and the IT Act.