Odisha Man Cheats More Than 2,000 Investors Of Rs 50 Crore, Arrested: Cops

The Odisha Police on Tuesday arrested a person for allegedly duping people of Rs 50 crore on the pretext of high returns from investment in various schemes of a firm.

Sleuths of the Economic Offences Wing apprehended the managing director of the firm, which defrauded around 2,000 investors, from Chandbali in Bhadrak district.

The accused has been booked under various sections of the Odisha Protection of Interests of Depositors (OPID) Act and the IPC, a senior officer said.

During the 2020-2023 period, the accused floated two schemes and promised around 26 per cent return per month on invested amounts, he said, adding that the firm was offering a two per cent bonus for enrolling new members.

"During the investigation, the EOW found that the arrested MD paid high returns to a few investors to win their confidence. He amassed more than Rs 50 crore from 2,000 investors from Odisha. The accused then closed the schemes and absconded," the officer said.

The Economic Offences Wing sleuths seized a laptop from his possession, and the investigation is underway, he added.

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