Investment fraud: Over 500 investors fall prey to high returns promises in Odisha; mastermind nabbed

In a significant move against financial fraud, Sambalpur police have apprehended a key suspect accused of defrauding several investors under the false pretense of offering high returns. The fraudulent operation took place by taking the name of MCX. The accused allegedly duped over 500 investors from the Sambalpur district, resulting in losses amounting to several lakhs of rupees.

The accused, identified as Santosh Acharya, allegedly orchestrated the collection of funds through a network spread across various regions.

Also Read: Massive scam 'luring investors with fake return rates' unearthed in Odisha’s Sambalpur

High Returns Promise:

It is alleged that investors depositing Rs 10 lakh were promised an interest of 5 per cent while those opting to invest Rs 20 lakh were assured 7 per cent. The accused had lured investors with 8 per cent interest on deposit of Rs 1 crore.

A Complex Web of Deceit

The alleged fraud scheme, with threads extending beyond national borders, came to the fore when investors were enticed with the promise of alluring interest rates, only to have the operation abruptly ceased in 2024. 

Scrutiny on International Links

Authorities are now delving into the international connections of the scheme as they endeavour to uncover the full scale of the deceit. Investors were left in dire financial straits when the company suddenly halted operations, emphasising the necessity for stringent regulatory measures.