2 held for duping Rs 30 crore from investors

The `conmen`, identified as K R Srinivashan of Tamil Nadu and Ramesh Sahu, were arrested on Saturday by Ganjam police, a senior officer said.

A laptop was seized from Srinivashan, who had projected himself as Director of the investment firm, he said.

Police registered cases against the duo in different police stations including Chamakhandi, Chhatrapur, Marine in Ganjam and Paralakhemundi in Gajapati districts.

"Preliminary estimate showed that they raised around Rs 30 crore from 7000 persons, mostly from Ganjam, Gajapati and Rayagada in last two years promising high interest rates," Sub-Divisional Police Officer, Chhatrapur, Shantanu Padhy said.

During the period, the firm had changed its name thrice after winding up one after other, Padhy said.
The matter came to light when cheques given by the comany to depositors had bounced.