On July 18, 2023, the Directorate of Enforcement (ED) detained Manoranjan Roy, Chairman of the Pincon Group, in connection with the misappropriation of sizable public deposits amassed by many entities within the Pincon Group. ED has been granted custody of the Manoranjan Roy by the honourable PMLA Court until April 4, 2023.
An FIR filed by Khejuri Police Station in Purba Medinipur, West Bengal, under various sections of the IPC, 1860, and the West Bengal Protection of Interest of Depositors in Financial Establishment Act, 2013, against the Board of Directors and other Officials of the Pincon Group of Companies served as the basis for the investigation launched by the ED under the Prevention of Money Laundering Act, 2002. In this instance, the Directorate of Economic Offences, Kolkata, had also submitted a chargesheet.
An inquiry by the ED showed that Manoranjan Roy and his friends’ Pincon group of firms obtained funds from the public through deceptive representations and by enticing the unwary with high rates of interest on deposits made under various schemes, including MIS, FD, and RD. However, they defrauded the investors by failing to pay their debts upon maturity. M/s. Pincon Group has taken around Rs. 638 crore from the general people under the guise of the aforementioned scams.
Earlier, in this case, ED had detained Kaustuv Ray. He is now under judicial custody.
