EOW nabs man for duping Rs 5 crore on pretext of doubling amount in 10 months in Odisha

The Economic Offences Wing (EOW), Odisha on Monday informed to have arrested one Dhanajaya Sahoo of Bhadrak district from Hyderabad in case of fraud amounting to Rs 5 crore. Sahoo is accused of duping people on the pretext of doubling the invested amount in 10 months.

Sahoo has been arrested under several sections including the Banning of Unregulated Deposit Schemes. Following the arrest, Sahoo was brought to Bhubaneswar on transit remand after production in the Court of Additional Chief Judicial Magistrate in Hyderabad.

EOW arrested Sahoo based on the written report of one Govinda Chandra Sahoo of Vill- Bichitrapur of Jajpur district. The complainant alleged that Sahoo duped him and many others by illegally taking the deposits under the promise of doubling the deposited amount through his company “Mutual Alliance Global Pvt. Ltd.” within 10 months.

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Investigation Findings

EOW officials informed that from 2011 to 2021, the arrested accused had formed 5 companies- Goodland Happy Home Infra Ltd., Goodland Construction Pvt. Ltd., PURIFIO Technology Pvt. Ltd., Coinex Technology Pvt. Ltd. and Mutual Alliance Global Pvt. Ltd. and was running the same as Managing Director.

The accused allegedly induced the investors to deposit through his companies for high profits from further investment of the deposited amount in real estate marketing, blockchain in the real estate market, e-commerce, and on online gaming platforms.

It was in 2010 when the arrested accused had formed Mutual Alliance Global Pvt. Ltd at Budheswari Area, Bhubaneswar. He allegedly induced the general public by holding meetings in different reputed hotels in Bhubaneswar seeking deposits in his company in exchange for high returns promising to double the invested amount in 10 months.

Shocking Details From Probe

Senior EOW officials informed that the accused had taken unregulated deposits of Rs.5 Crore from around 200 investors mainly from Cuttack, Khordha, Jajpur, Bhadrak, Keonjhar, and Mayurbhanj districts of Odisha.

Although the accused paid a very meagre return for one or two months, he later stopped making any payments. It has been found that the arrested accused had earlier visited foreign countries like Dubai, Thailand, and Germany.