Bhadrak man loses Rs 5 lakh to conmen who promised fourfold return; 2 arrested

Two fraudsters were nabbed by police in Bhadrak on Tuesday for allegedly duping a man of Rs 5 lakh by falsely promising him to pay Rs 20 lakh in return.

The victim has been identified as Narayan Sethi. 

As per the allegation by Sethi, he got an offer through a phone call on February 16 that he will be provided Rs 20 lakh in cash of Rs 100 and Rs 50 denominations if he pays them Rs 5 lakh with currency notes of Rs 500 denominations.

The accused Bulu Pati and Priyaranjan Nayak reportedly convinced Sethi that the scheme has been launched due to the scarcity of Rs 500 notes in the market.  

Lured by the fake offer, Sethi gave the concerned persons Rs 5 lakh of Rs 500 denominations in cash near Chandikhol-Paradip road toll gate. In return, the fraudsters gave him a box with cash of Rs 100 and Rs 50 denominations. 

However, to his utter shock and dismay Sethi found only a few notes of Rs 100 and Rs 50 in the box when he checked the box at home with the rest of the box filled with sand.

Subsequently, he lodged an FIR in this connection at Bhadrak police station. Following a primary investigation into the incident, Bhadrak police arrested both the accused. Further investigation into the incident is currently underway.

“The accused lured me to provide Rs 20 lakh with Rs 100 and Rs 50 denominations if I give them Rs 5 lakh in Rs 500 denominations. They convinced me about the false offer by saying that the scheme is to cover the scarcity of currency notes of Rs 500 denominations in the market. However, I was duped by them with a sand-filled box,” rued Sethi.

Speaking about the case, Bhadrak SDPO Sourabh Ota said, “The accused used to make a list of gullible persons and lure them by giving them false promises through phone calls. Two of the accused have been arrested. Further investigation into the incident is currently underway.”