City Reports

Pincon Spirits scam: Rajasthan SOG arrests 4 including CMD Manoranjan Roy

The company allegedly defrauded 25,000 people in Rajasthan of Rs 56 crore

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February 1, 2018, 12:34 pm

pincon spirit fraud rajasthan jaipur police

Pincon Spirit fraud: Chairman Manoranjan Roy among four arrested.

Jaipur: Rajasthan special operations group (SOG) has arrested four senior officials of Pincon Spirits Limited – a West Bengal-based liquor company – for allegedly defrauding 25,000 people of Rs 56 crore in Rajasthan. Those arrested are the company’s chairman Manoranjan Roy, his aide Binay Singh and two other associates – Raghu Shetty and Hari Singh. The chairman and Binay Singh were held from Bengaluru. All the four accused were produced in a court that remanded them in 7-day police custody.

The police officials said that the company had opened 11 branches in Rajasthan. The scale of alleged fraud is extensive as the company allegedly conned people in West Bengal, Uttar Pradesh, Gujarat, Haryana, Chhattisgarh, Madhya Pradesh and several other states in the country .

The Pincon Spirit Group has its branches in more than 120 cities across the country.

Some people had approached SOG and registered complaints against the company following which an investigation was launched nearly two months ago. The company allegedly promised to double the amount of money that people invested within four years and also provide 14% interest rate.

Umesh Mishra, ADG SOG, said that the company has many subsidiaries including NRN Finance Limited, ASK Financial Services, Grinade Food Products Limited, Bengal Pincon Housing Infra Limited, NRN Universe Producer Company Limited and Universal Multistate Credit Corporative Society Limited.

The company had been allegedly defrauding people since 2010, officials said. One Sandeep Ghosh, a resident of Ajmer, had registered an FIR with SOG nearly two months ago.

IG, SOG Dinesh MN said that 11 branches of the company in Rajasthan have been sealed. Some employees of these branches situated in Ajmer, Jaipur, Chomu, Niwai, Kota, Dholpur, Kaman, Alwar, Bandikui, Bharatpur and Hindaun, have been taken into custody for interrogation. A bank account in the name of the company was found in Ajmer. The account was closed in 2014.

SOG officials said that lakhs of of people were made to invest anywhere from Rs 500 to Rs 90 lakh in different ponzi schemes of the company. Officials said that the number of victims could be more than 3 lakh and the investment amount exceeds Rs 1600 crore.

First published: November 4, 2017